$1 billion resort development announced at Palm Jumeira’s Crescent
One of the largest projects on The Palm Jumeirah's crescent, the 141,500 square meter ‘Kingdom of Sheba’ development, was recently announced by IFA Hotels & Resorts (IFA HR).
The new resort development will be located on the crescent of The Palm Jumeirah, adjacent to the renowned Atlantis development, according to Khaleej Times.
"This is by far our most ambitious resort development to date,” stated Talal Jassim Al Bahar, Chairman and Managing Director of IFA HR. The combined value of the resort is in excess of $1 billion and will be completed by mid 2010.
“Following in the footsteps of our successful projects in Dubai with over 1,800 units sold in the past three years, the Kingdom of Sheba is certain to become a significant landmark in our international portfolio," he added.
The Kingdom of Sheba will be managed by Fairmont Hotels & Resorts (Fairmont) and will consist of five separate elements: residences, a hotel, a private residence club, a vacation club and bazaar.
"The destination is unlike any other that we have been involved in. The crescent is one of the most unique and desirable geographical areas of The Palm Jumeirah, with full sea views. Our resort will reflect the history and grandeur of Arab architecture, complementing the natural beauty of the crescent's environment. The Kingdom of Sheba will be designed for people who expect the highest standards in resort life luxury," said Werner Burger, President and COO of IFA HR.