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Nakheel and IFA Hotels & Resorts, a subsidiary of International Financial
Advisors (IFA), Kuwait have announced the fifth agreement between their companies for the purchase by IFA of 150,000 square metres on the
crescent at Palm Jumeirah at a cost of $42m.
IFA plans to
use the land to construct a luxury mixed use hotel and resort consisting of up to 1,000 rooms at an expected cost of $200 million.
The property will have a beach
frontage of 750 m. IFA is in the process of selecting an international hotel company to operate
the property.
The location of
IFA’s second resort on the Palm will be adjacent to the recently announced
2,000 room Atlantis, The
Palm, a resort and water theme park located at the
centre of The Palm Crescent, Jumeirah at an estimated cost of US$1 billion
and featuring a marine habitat, marina, themed water attractions.
Two weeks ago IFA Hotels & Resorts entered into a joint venture with The
Palm developers Nakheel, for the development of two niche market shopping complexes –
Souq Palm – and freehold residences – The Palm
Residence Souq – covering 60,000 square metres on the trunk of The Palm
Jumeirah. The complex will overlook a 1.5 kilometre canal side Corniche to
be called ‘The Golden Mile,’ which will transform it into one of the world’s
most sought-after Corniche-style shopping destinations. The joint venture’s
shopping and residential complex will cost US $300 million and will cover
780 luxury apartments as well as 220 boutique shops and restaurants.
International Financial Advisors (IFA) is listed on the Kuwait Stock
Exchange with a market capitalisation of US $1 billion. IFA heads a consortium of several leading Kuwaiti and international companies
including; Kuwait Real Estate Company (KREC), International Finance Company
(IFC) and United Investments Portugal (UIP).
Jassim M. Al Bahar, Chairman and Managing Director of IFA, made the
following comment on this latest transaction: “IFA’s new project to build an
additional luxury resort represents further implementation of IFA’s policy of
providing first class multi use resorts, with this new resort on the Palm
crescent complimenting IFA’s other 1.200 room Hotel & Vacation Club
resort on the Palm Jumeirah trunk, adjacent to the Souq Palm -the joint
venture between Nakheel and IFA - as well as the 246 luxury shoreline apartments facing Burj Al Arab on the six kilometre trunk. This latest
addition by IFA will offer tourists, as well as property owners/timeshare
owners, a variety of choices on the trunk and on the 11 kilometre Palm Crescent by IFA Hotels & Resorts”
Sultan Ahmed Bin Sulayem, Chairman of Nakheel, welcomed the latest
investment by IFA group.
“This latest investment further strengthens the excellent relations that exist
between Nakheel and IFA and demonstrates how this relationship has flourished at a rapid pace reflecting the cooperation that exists between our
two groups,” said Bin Sulayem.
Jassim M. Al Bahar said this latest IFA investment is a further reflection of
the group’s positive outlook at the pace in which tourism in Dubai is developing.
“Under the guidance of His Highness General Sheikh Mohammed bin
Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, Dubai has succeeded as a world class destination for international tourism.
It is worthy to note that Dubai tourism arrivals are expected to reach 15m by
2010 and 40 m by 2015. The figures speak for themselves and IFA is proud
to be part of that growth thereby providing its clients with world class
networks in the Middle East, Africa and Europe.” |
