IFA, Nakheel sign $1bn resort deal
Dubai, May 12, 2008
IFA Hotels & Resorts (IFA HR) has announced its second joint venture partnership with Nakheel for the development of a $1 billion resort.
The company has acquired two plots of land adjacent to the Kingdom of Sheba resort, its first project on the Crescent of Palm Jumeirah in Dubai. The new resort will be an extension of the Kingdom of Sheba.
Talal Jassim Al-Bahar, chairman and managing director of IFA HR, stated: “We are very pleased to be partnering with Nakheel on this new project. We have experienced a great relationship with Nakheel during the past five years on our successful projects on the island and specifically on The Palm Golden Mile where an existing JV partnership exists.”
The two plots of land cover 1.012 million sq ft and will have a built up area of 1.923 million sq ft.
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.
With a proven track record of delivering integrated resorts with international hotel brands, IFA HR will be responsible for the asset management, design and development and the sales and 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 resort covers 1.523 million sq ft 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). –TradeArabia News Service