$200m resort on Palm Jumeirah

Started by Newshound, March 01, 2004, 07:17:07

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$200m resort on Palm Jumeirah

IFA Hotels & Resorts, a subsidiary of International Financial Advisors (IFA), Kuwait has signed a new deal with Nakheel to buy 150,000 square metres on the crescent at Palm Jumeirah at a cost of $42 million.

This is Nakheel's fifth agreement with IFA which aims to build an additional 1,000-room luxury resort on the Palm at an expected cost of $200 million.

IFA is in the process of selecting an international hotel company to operate the luxury mixed use hotel and resort.

The property will have a beach frontage of 750 m, said officials .

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. This is being built at an estimated cost of $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 - Suq Palm - and freehold residences - The Palm Residence Suq - covering 60,000 square metres on the trunk of The Palm Jumeirah.

The complex will overlook a 1.5 km 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 $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 $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, said:

'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 km Palm Crescent by IFA Hotels & Resorts'.

Nakheel chairman Sultan Ahmed Bin Sulayem 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 General Shaikh 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 million 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.'

Nakheel's portfolio currently includes The Palm, The World, Jumeirah Islands, The Gardens, The Gardens Shopping Mall, Jumeirah Lake Towers and International City.

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