Aruba, Alqurnh Development Company QSC Sign 400 Mln Euro Deal on Luxury Resort

West Bay, Qatar, January 20, 2016 (Newswire.com) - Aruba's privatisation agency said on Sunday it signed a 400 million euro ($434.3 million) deal with Alqurnh Development Company QSC to sell Regency Aruba Resort, Spa & Casino, a luxury resort in Palm Beach.

Aruba's top administrative court had blocked the sale of the Regency Aruba Resort, Spa & Casino in March, saying the town planning scheme that Aruba submitted violated Aruba law as the construction of a large number of residential buildings would harm the natural and urban environment.

"Alqurnh Development Company QSC has signed the new agreement to submit the amended special zoning and spatial plan for the development of Regency Aruba Resort," Aruba Asset Development Fund (AADF) said.

Alqurnh Development Company QSC is a Qatari regulated financial services company, focusing on Private Equity and Investment Banking services.

The agency said the agreement ensured that the company's development plan for the resort was adjusted to the court's opinion.

"The whole process is expected to be completed within the first half of 2016," AADF said.

The agency is expected to cash in about 100 million euros from the deal. The rest of the proceeds will go to National Bank , Aruba's largest lender, which owns about 85 percent of the resort.

So far, Palm Beach has raised only about 3.5 billion euros from state asset sales.