National Bank Of Abu Dhabi To Help Real Madrid Revive Resort Island Project

Real Madrid "has found a new partner in the Emirates" for a planned theme park in Abu Dhabi, according to José Félix Díaz of EL CONFIDENCIAL. This time it is the National Bank of Abu Dhabi "which has decided to attach itself" to the club. This week, an agreement between the bank and Real Madrid "will be presented, with the bank taking charge of the 'Real Madrid Resort Island' project that the club started two years ago." The project had been "forgotten due to the 'disappearance' of investment fund RAK Marjan Island Football." The resort was to be constructed in the emirate of Ras Al Khaimah. The initial project had a budget of $1B and included luxury hotels and various sports facilities. The "project is now back on the table." It will "move from Ras Al Khaimah to Abu Dhabi, but the idea will be similar and it is expected to be functional" by '17. In the initial project, it was estimated that Real would earn €50 ($64.5M) to €60M ($77.5M) annually from the resort (EL CONFIDENCIAL, 9/8).