IFA Hotels and Resorts (IFA HR) and UAE-based property development company Nakheel announced their second joint venture partnership, with the acquisition of two plots of land adjacent to the Kingdom of Sheba resort on Dubai's Palm Jumeirah.
The new resort will be an extension of the Kingdom of Sheba and is valued at approximately US$ 1 billion.
IFA HR chairman and managing director Talal Jassim Al-Bahar commented: "We are very pleased to be partnering with Nakheel on this new project. We have experienced a great relationship...during the past five years on our successful projects on the island, and specifically on The Palm Golden Mile where an existing JV [joint venture] partnership exists."
Nakheel chief executive Chris O'Donnell added: "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 and Resorts will result in a number of these choices and this latest joint venture will result in yet another exceptional experience on Palm Jumeirah."
IFA HR will be responsible for the asset management, design and development, and sales and marketing of the resort.
IFA HR president and chief executive Werner Burger said the hotel group would apply its "existing formula of mixed-use destinations to the resort", adding that this would include a boutique hotel with residences, villas and apartments.