Dubai's Arqaam plans luxury Croatian resort

Dubai investment firm Arqaam Capital are reportedly planning to build a luxury hotel on the historic island of Hvar in Dalmatia, Croatia. According to Croatian daily newspaper Slobodna Dalmacija, Arqaam plans to build the five-star hotel with villas in the next year. The hotel project will have a capacity of up to 200 rooms and cost about 100m euros. The paper said Arqaam purchased 16 acres of land in the Brizenica area for the hotel project which is expected to be managed by Kerzner International which also operates the Atlantis in Dubai. It said the project was initially delayed due to the global economic crisis and the lack of proper infrastructure in the Kabal peninsula. As part of the deal, the UAE investors are set to finance the construction of a bypass, the paper added. The hotel opening is expected to create between 250 and 300 new jobs on the island. The resort will reflect Hvar architectural history, and will be built so that minimal impact is made on the natural environment. In January, Arqaam Capital agreed to buy El Rashad Securities Brokerage from Al Rashad Holding to access Egypt’s market as the Dubai-based investment bank seeks to benefit from a possible recovery in the North Africa nation. The agreement will include El Rashad’s business, operations and brokerage licence, Arqaam Capital said in a statement, without providing financial details.