DUBAI-based business conglomerate Najibi Group and its new investment and development company in Australia, Sanad Capital, is embarking on its first project Down Under.
The Sunshine Coast Project, a A$400 million (US$306 million) lifestyle destination in Queensland, will comprise the world’s first Wave Reservoir waterpark, watersports facilities, a sports centre, a function centre, an events area, a hotel, and an array of restaurants and retail outlets.
“The development is set to become an unparalleled, unprecedented tourist hub. Influenced by major action sports projects, water parks and entertainment hubs across Asia, it will serve up a memorable, family-friendly experience to locals as well as tourists,” said Sanad Capital’s chief executive Bradley Sutherland.
The tourist attraction is expected to generate 2,000 jobs during its construction phase, and a further A$29 million annually in salaries and wages post completion, according to a an economic benefits and analysis report.
The same report, produced by Urban Economics, notes that the project will inject a total of A$260 million into the region during construction, and A$30 million per year thereafter. Construction is slated to begin in 2017.
