IFA to launch $1bn Palm resort

PRIME LOCATION: IFA said it plans to launch a $1 billion resort on the Palm Jumeirah.

Kuwait's IFA Hotels and Resorts (IFA HR) is set to launch a $1 billion resort on Nakheel’s Palm Jumeirah manmade island in Dubai, the second joint venture for the developers.

The firms announced the project on Monday, with IFA acquiring two plots of land adjacent to its existing 1,000-unit Kingdom of Sheba hotel and residence project located on the crescent of Palm Jumeirah.

The new resort will be an extension of the Kingdom of Sheba and IFA will own 50% of the project, the company said in a statement on the Kuwait bourse website, without giving further details.

Talal Jassim Al-Bahar, chairman of IFA, said the two new plots of land would cover one million square feet.

IFA will be responsible for the asset management, design and development and sales and marketing of the resort.

The mixed use project will include a boutique hotel and residences, comprising villas and apartments, all to be managed by an international luxury hotel operator.

IFA has commenced construction work on the Balqis Residence, the residential component of the Kingdom of Sheba resort. The Kingdom of Sheba covers 1.5 million square feet adjacent to the Atlantis development and will consist of five separate elements.

IFA's other projects on Palm Jumeirah include the Palm Residence, the 5-star Fairmont Palm Hotel & Resort, the 558-room Fairmont Palm Residence and 860-apartment The Palm Golden Mile, which is a joint venture with Istithmar.

The company is developing over 3,500 rooms on the island. IFA did not say when the resort would be completed.

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