Football Club Real Madrid Turns Property Developer With $1b Resort

One of the biggest football clubs in the world,

Real Madrid

, has unveiled plans to develop a $1 billion themed resort, known as Real Madrid Resort Island, in the United Arab Emirates.

Club executives last week announced the club’s expansion into property development in a lavish ceremony attended by Real Madrid coach

Jose Mourinho

and club president

Florentino Perez

.

"It is a decisive and strategic step that will strengthen our institution in the Middle East and Asia," said Perez.

"Real Madrid Resort Island will be a major tourist and sporting centre of great dimensions and the highest level. This extraordinary complex will attract millions of people looking for quality leisure services."

The 430,000 square metre proposal comprises a 10,000 seat stadium with one side open to the sea, 450 room 5-star hotel, a beachfront resort with over 400 luxury apartments, 48 exclusive bungalows, an amusement park, Real Madrid Museum, marina and yacht club and the first hologram football show.

The man-made island development is a joint venture between Real Madrid and the Emirate of Ras-al-Khaimah which is located less than one hour drive from Dubai International Airport.

The resort is expected to open in January 2015 with one million visitors expected in the first year.

According to The Guardian, Real Madrid officials chose to location due to its proximity between Europe and Asia, with half of Real Madrid’s 300 million fans worldwide are located in the Far East.