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IFA Hotels & Resorts (IFA HR)
has entered into its second joint venture partnership with Nakheel with the acquisition of two plots of land
adjacent to the Kingdom of Sheba resort located on the Crescent of Palm Jumeirah in Dubai. The new resort will be an extension of the
Kingdom of Sheba and is valued at approximately US$ 1 billion.
The two plots of land cover 1.012 million square feet and are located next to the Kingdom of Sheba resort, with a built up area of 1.923
million square feet.
Chris O'Donnell, Nakheel CEO, said “Palm Jumeirah will be one of the world’s premier resorts, offering a wealth of beachfront hotels, retail
and leisure choices. Our partnership with IFA Hotels & Resorts will result in a number of these choices and this latest joint venture will
result in yet another exceptional experience on Palm Jumeirah.”
Nakheel is one of the world’s largest privately held real estate developers and a key player in realising the vision of Dubai for the 21st
century. Nakheel’s portfolio extends across a range of sectors including residential, commercial, hotels, retail and leisure and includes
the iconic and internationally acclaimed waterfront
developments such as Palm Jumeirah, Palm Jebel Ali, Palm Deira, The World and
Waterfront.
With a proven track record of delivering integrated resorts with international hotel brands, IFA HR will be responsible for the Asset
Management, Design & Development and the Sales & Marketing of the resort.
Werner Burger, President and COO of IFA HR, said “We will apply our existing formula of mixed use destinations to the resort which will
include a boutique hotel and residences, including villas and apartments, all to be managed by a leading international luxury hotel
operator.”
IFA HR recently broke ground on the Balqis Residence, the residential component of the Kingdom of Sheba. The Kingdom of Sheba resort
covers 1.523 million square feet in a prime location adjacent to the renowned Atlantis development and will consist of five separate and
unique elements, each strongly influenced by classic Arab architecture – residences, fractional ownership, vacation club, a hotel and souq
(retail plaza).
In addition to the Kingdom of Sheba, IFA HR’s other investments and projects on Palm Jumeirah include the Palm Residence (Al Nabat & Al
Haseer), Fairmont Palm Hotel & Resort, Fairmont Palm Residence and The Palm Golden Mile. In total, the company is developing in
excess of 3,500 keys on the island.
Al-Bahar concluded “Dubai is a very important market for us. We are proud to have been the first investor on Palm Jumeirah and will
continue with our investments and growth in Dubai. We are also very happy to have started handing over properties to our customers; next
year will see us delivering more than 1,700 residential units.”
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