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Real Madrid lays out plans for island theme hotel in UAE, plans to target investors next month
RAS AL-KHAIMAH, United Arab Emirates (AP) ' The chairman of a proposed island theme resort hotel using the brand of the Real Madrid football team says the development is still working to line up investors for the project in the United Arab Emirates.
The Spanish club announced plans for the $1 billion Real Madrid Resort Island project in the emirate of Ras al-Khaimah earlier this month.
Project CEO Louis-Armand de Rouge says the company plans to begin seeking out investors in a "road show" starting in April.
Real Madrid and its UAE business partner did not say how much they are each contributing to the project during a press conference Thursday.
Ras al-Khaima is one of seven semiautonomous city-states that make up the Gulf federation of the UAE. It includes glitzy Dubai and the oil-rich Abu Dhabi.