Crescent Hydroplis Resorts, which wants to establish upmarket 'shallow water' hotels in Dubai and elsewhere, is to list on AIM after a £2.7 million placing at 40p.

Joachim Hauser, an architectural consultant who formerly worked at the German Aerospace Administration, is executive chairman of Crescent and himself developed the concept of marine hotels, which the Isle of Man-based company claims might make suitable high-class tourist destinations around the world. The company says its directors, including Richard Armstrong (an associate of stockbroker Fiske}, 'believe the Hydroplis project will cater specifically for high-class tourism by offering accommodation that encompasses a high standard of service combined with access to the underwater world'.

Broker Nabarro Wells handled the placing for Crescent, whose chief executive, ex-hedge fund manager Mansoor Jiaz, is negotiating with the Dubai government over land and sea rights for a 'prime location' on Dubai's Jumeirah beach. The plan is for German group SIBC GmbH to be project manager of the Jumeirah beach project in conjunction with German electronics giant Siemens.

Crescent hopes to repeat this formula in possible subsequent projects, in such places as Monaco, Hong Kong and Rio de Janeiro. There will be a heavy requirement for project finance, since the company expects the Dubai project to cost £300 million, with a maximum contribution from Crescent of £73 million.

Crescent Hydropolis Resorts	AIM	0pm	p	p
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