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The Aykon is to be a 56-storey five-star hotel to be developed by Damac Properties in Al Sufouh, the coastal area opposite Palm Jumeirah.
The hotel will contain 220 rooms and will have with an infinity pool overlooking the Palm.
The luxury interiors will be designed by Italian fashion house Roberto Cavalli.
The project was announced at Cityscape Global in October 2018.
Construction of the building is scheduled to begin in early 2019 and is expected to be finished by 2023.
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