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Last updated 13:44 26/03/2014

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British entrepreneur Sir Richard Branson has confirmed that his cruise ship project, which is said to be worth US$1.7 billion (NZ$1.98 billion), is on track as the company has secured most of the funding.

Earlier this month, it was reported that the British billionaire was looking for investors in the region including from the UAE for its cruise line project.

"It's true that we are looking to set up Virgin Cruises and most of the money is now committed," Branson told select media in Dubai. He also hinted that some funding is likely to come from Gulf.

"We are building two large ships quite from scratch and we feel that the Virgin brand will work well with cruises... it is definitely something that I like to go on and something that my children like to go on," the Virgin Group founder said.

The project would take a while to become operational due to the ship-building process, he said, adding that it would complement other leisure arms of the Virgin Group, which include Virgin Holiday Cruises.

- MCT

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