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Dubai World Cooperates With MGM To Build Hotels In China
January 30, 2008 |
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The Dubai government's holding company, Dubai World, has announced that it will cooperate with entertainment, hotel and gambling group Metro-Goldwyn-Mayer Inc. to build at least three hotels in the Middle East and Asia with a total investment of more than US$5.1 billion.
According to local media, the two companies initially plan to choose Dubai, Singapore, and China as the locations of these three hotels, where they will not set up any gambling entertainment venues.
In September 2007, Dubai World invested US$1.1 billion to build a hotel and a business mansion in Singapore. At present, there is also a hotel project in the pipeline in China.
Founded in 2003, Dubai World is a holding company that manages and supervises the portfolio of businesses and projects for Dubai Government, it is one of the largest investment companies in the Middle East. Its domestic and overseas business scope includes private equity funds, real estate, financial services, and industrial projects.
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