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IFA Hotels & Resorts targets Russian Market

Travel News Asia 17 February 2004

IFA Hotels & Resorts, a subsidiary of Kuwait-based International Financial  Advisors (IFA), is to target Russian buyers for its luxury Palm-Jumeirah  apartments with high-profile promotions at two of Moscow's biggest trade fairs.

Apartments in the two, fully-serviced, waterfront Palm Residence towers - Al  Nabat and Al Haseer - will be showcased at Moscow's Dom Expo from February 26-29 and the Moscow International Travel and Tourism Fair, which runs from  March 24-27.

"The high-end Russian market now has Dubai firmly in its sights both for  tourism and investment opportunities," said Bassam El-Khoury Marketing  Manager for IFA Hotels & Resorts.

IFA has received strong international demand for its projects. The two shoreline apartment buildings, with 246 apartments, are reaching sell out at premiums of over 50%.

"We believe Russian investors will prefer the IFA offering to others because of the payment guarantee, services and rental administration we offer and the fact that we will have an international five star hotel company manage the apartments and provide a comprehensive selection of rental and property services," said James Wilson, President and COO, IFA Hotels & Resorts.

"Palm Residence represents an excellent investment prospect on The Palm- Jumeirah, which is position to be one of the world's most sought-after  residential and tourism communities," said Wilson.

Meanwhile, IFA Hotels & Resorts has entered into a joint venture with Nakheel, developers of The Palm, to develop a major shopping complex - 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 canalside Corniche to be called 'The Golden Mile,' which will transform it into one of the world's most sought-after Corniche-style shopping destinations.

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