Nakheel and Centara Hotels and Resorts signed a joint venture agreement to create a 550-room, AED 500 million ($136 million) beachfront resort with waterpark at Deira Islands. Under the agreement, the two companies will deliver an upscale resort on a prime stretch of beach on Nakheel's new 15.3 sq km tourism, leisure, retail and entertainment hub. Nakheel said the joint venture with Centara is the latest development in the company's aggressive expansion into Dubai's hospitality sector and its second international joint venture for Deira Islands. The first, an 800-room, AED900 million all-inclusive resort and waterpark with Spain's RIU Hotels & Resorts, was confirmed in February. As the first Centara establishment in the UAE, the new resort will cover an area of 295,900 sq ft and include a waterpark, dining facilities, business centre, kids' club, spa and fitness centre. The resort is anticipated to have soft opening in 2019 and grand opening in 2020.