DUBAI, UNITED ARAB EMIRATES — Emaar Properties, a development venture, expects to reach an agreement within the next two weeks to spend $1.5 billion on new-build hotels with fashion designer Giorgio Armani, according to a published report. Each of the 15 hotels planned, which would be in such cities as Miami, Milan, Italy, and Shanghai, China, will cost about $100 million. Flush with cash from rising oil prices and record profit, Arab governments and companies are investing more outside of the region to create sources of revenue beyond energy. An agreement will mark a new line of business for Armani, which is based in Milan. Moreover, Armani will develop a line of furniture and amenities for the hotels and receive revenue from the venture. A planned Armani Hotel in Dubai, for which Emaar already has a site measuring more than 40,000 square meters will include 250 suites, restaurants and a spa in the Burj Dubai tower, the worlds tallest residential and commercial building, according to a February statement last year. The hotel is expected to open in 2007.
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