MGM MIRAGE and Pearl Dubai to Develop Brands at Dubai Pearl
Bellagio, MGM Grand, and Skylofts
MAY 22, 2009 - MGM MIRAGE (NYSE:MGM) and Pearl Dubai FZ LLC today announced plans to develop Bellagio, MGM Grand, and Skylofts hotels, as well as branded residences at Dubai Pearl, the USD4 billion (AED15 billion) world-class, fully integrated luxury development in Dubai, United Arab Emirates. The hotels are expected to be operational in 2013.
Pearl Dubai FZ LLC will own and finance the 250-room Bellagio hotel, 350-room MGM Grand hotel, and 30-suite Skylofts hotel, while MGM MIRAGE Hospitality will manage and provide technical services for the three new ventures.
The agreement includes the development of Bellagio branded luxury residences, in addition to featuring world-renowned dining, entertainment, spa and convention that complement the luxury offering of the hotels.
Gamal Aziz, President and Chief Executive Officer of MGM MIRAGE Hospitality, said: "We are honored to be part of a significant development located in the heart of new Dubai. Dubai Pearl is a product born out of enhanced creativity and imagination, and our properties will inspire travelers and residents with a sense of livable luxury that infuses energy and excitement with sophisticated service."
MGM MIRAGE is one of the world's leading and most respected development companies with significant holdings in hospitality and entertainment.
The partnership between the two companies will see the Dubai Pearl project getting Dubai's first hotel and residences brands under the MGM MIRAGE portfolio.
Abdul Majeed Ismail Al Fahim, Chairman of Pearl Dubai FZ LLC, said: "Our alliance with MGM MIRAGE reflects our commitment to forging world-class partnerships with premium brands that are renowned for their operational excellence.
"The project's entertainment elements will help complete the vision of making the Dubai Pearl a true landmark that will deliver an unforgettable experience through its diverse components and unmatched services."
Located opposite the Palm Jumeirah Island in the heart of the Dubai Technology and Media Free Zone, Dubai Pearl is a landmark destination designed to offer spectacular views of the Arabian Gulf. Through integrating first-class facilities, it will shape a pedestrian friendly, 24-hour living city that with a spectrum of commercial, retail, residential, hospitality and leisure components. Dubai Pearl will also boast a 2000 seat performing arts theatre aimed at meeting the needs of Dubai's growing cultural calendar and complementing the project's entertainment offering.
Featuring an active business district with a quality urban lifestyle, the development will be host to the world's top brands and include sky palaces with private pools and landscaped gardens, luxury branded apartments and condominiums.
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