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The UAE based Najibi Group is heading Down Under with an A$400 million (Dh1.09 billion) hospitality themed project in Queensland and set to feature extreme water sports features.
“We feel this is the right time to invest in Australia — the Sunshine Coast, Queensland is rife with opportunities, and we are confident that this project will be extremely successful,” said Talal Y. Najibi, Executive Chairman of Najibi.
The project will comprise a world first in the form of a “Wave Reservoir”, a waterpark, an Olympic standard training centre, a four-star hotel, a conference and exhibition centre, as well as restaurants and retail outlets.
Further details on the development will be released later this year and construction is set to begin in 2017.
The project is expected to inject A$60 million into the region’s economy for each year of construction — and totalling A$260 million during the entire phase. Upon completion, it is expected to add A$30 million per annum thereafter.
“Influenced by major action sports projects, water parks and entertainment hubs in Dubai, it will serve up a memorable, family-friendly experience to both locals as well as tourists,” said Bradley Sutherland, Sanad Capital’s Chief Executive. (Sanad Capital is the investment and development company set up by Najibi.)
As per an economic benefits and analysis report produced by Sanad Capital, the venture will generate 2,000 direct and indirect jobs during the construction phase, and generate a further A$29 million annually in salaries and wages post completion.
Source: Manoj Nair, Associate Editor, gulfnews.com