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Dubai / Emirates Business
Dubai-based business conglomerate Najibi Group, which recently opened the doors to its new investment and development company Sanad Capital Pty Ltd in Australia, has announced its very first venture on the nation’s Sunshine Coast – an AUD 400 million
‘active lifestyle’ destination.
Talal Y. Najibi, Executive Chairman of Najibi, says this project heavily complements the group’s overall objectives. “This project marks a major milestone in Najibi’s strategy to diversify its interests and investments. 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.â€
As per an economic benefits and analysis report produced by Sanad Capital, the new venture will generate 2000 direct and indirect jobs during its construction phase, and will generate a further AUD 29 million annually in salaries and wages post completion.
“The development is set to become an unparalleled, unprecedented community and tourist hub. 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,†notes Sanad Capital’s Chief Executive Bradley P. Sutherland. The Queenslander wields twenty-one years of experience in Dubai, during which he built a diverse range of projects and investment ventures from ground up.
The report further notes that the project will inject AUD 60 million into the region’s economy for each year of construction – totaling AUD 260 million during construction – and upon completion it will add AUD 30 million per annum thereafter.
The Sunshine Coast project will comprise a world’s first ‘Wave Reservoir’, a world-class waterpark and extreme water sports facilities, a Olympic standard training centre, a 4 star hotel, a conference and exhibition centre, restaurants and retail outlets. Further details on the development will be released later this year and construction is set to begin in 2017.