Property developer, Nakheel, has formed a joint venture (JV) company with Thai hotel group, Centara Hotels & Resorts.
The JV, and a management agreement signed by both firms, will drive the development of a 600-room beachfront resort and water park at Nakheel's Deira Islands development.
Situated within the 15.3km2 waterfront city, the resort – Centara's first establishment in the UAE – will open in 2020.
Spanning 2.7ha, Centara Deira Islands Beach Resort Dubai will feature a water park, restaurants, a kids' club, a spa and a fitness centre, and business facilities.
"Recent enhancements to the hotel’s design have added 50 rooms to the original plan, bringing the total number of keys to 600," Dubai Media Office reported.
Nakheel chairman, Ali Rashid Lootah, and the chairman of Centara's board, Suthikiati Chirativat, signed the agreements.
Commenting on the development, Lootah said: "This strategic joint venture underlines our commitment to bringing new hospitality concepts to Dubai in line with the government’s tourism vision."
Centara's Chirativat added: "This [agreement] is the rubber stamp that paves the way for the finalisation of the design and development of our first resort in the UAE.
"With Nakheel’s development expertise and Centara’s record of delivering best-in-class hospitality and inspiring extraordinary guest experiences, we will create a unique resort that surprises and delights guests for years to come."
This September, Nakheel announced that it expects to award contracts worth more than $3.3bn (AED12bn) by the end of this year.
The company has awarded deals worth $1.9bn (AED7bn) so far in 2017.
Projects with $13.6bn (AED50bn) in construction and infrastructure costs are currently being implemented by the company across Dubai.
In August, the developer awarded four contracts worth more than $117m (AED430m) for the Deira Islands project.
The contracts, covering islands A and B of the four-island development, are for a sewage treatment plant, a district cooling plant, a substation, and piling work for an 800-room resort.
Nakheel has invested nearly $2bn (AED7.5bn) in infrastructure and construction contracts for Deira Islands so far.