By
Rebecca Gibson |
Sir Richard Branson, founder of Virgin Group, is looking to tap Arabian Gulf investors, including United Arab Emirates (UAE) entities, for a US$1.7 billion project to launch a new fleet of Virgin cruise liners, according to an interview in The National paper.
In an interview with the UAE paper, Branson indicated that capital-raising plans are at an early stage and that several potential Middle East investors, and other global investors, have been approached. It is rumoured that Branson has hired Allen & Co, a small New York-based investment bank that specialises in media and leisure projects, to assist him in his search for partners.
Branson said that the cruise line would be based in Miami, while he plans to build two new vessels to enter the traditional cruise markets in the Caribbean, the Mediterranean and potentially the Gulf region. The interview also highlighted that if the necessary investments are forthcoming, the cruise line could start operating in 2019.
According to The National, Branson aims to offer a cruise ship that would be attractive to non-cruisers, offering more entertainment and leisure opportunities to make them attractive to a younger market.
The entrepreneur, who has already ventured into the airline and rail industries, has expressed a long-term interest in the cruise industry.