Accor Hotels and Nakheel have signed a management contract for the Palm 360 project in Dubai's Palm Jumeirah neighbourhood.
The agreement will see the twin-tower Palm 360 comprise Raffles-branded hotel and residences.
Raffles The Palm Dubai Hotel, and Raffles Residences Palm 360, will open alongside the project in 2021.
Palm 360 will be the first beachside resort for the Raffles brand in Dubai, as well as Palm Jumeirah's tallest structure.
Spanning a total height of 260m, Palm 360 will feature a 155m-long sky pool, which will connect both towers 170m above the ground.
The Raffles hotel within the project will feature 125 rooms and suites, while the residential component will include 359 units, including 16 penthouses that will each be equipped with a private infinity pool, a gym, and a cinema hall.
Commenting on the agreement, Ali Rashid Lootah, chairman of Nakheel, said: "Palm 360 will further enhance [Palm Jumeirah's] global appeal, which already attracts millions of visitors each year.
"We are delighted to partner with AccorHotels for this awe-inspiring development that will take our rapidly-growing hospitality portfolio to new heights, and become the luxury destination of choice for discerning travellers the world over."