IFA Hotels & Resorts lists on Kuwait Stock Exchange
Mr Talal Al Bahar, Chairman and Managing Director of IFA Hotels & Resorts (IFA H&R), announced at the IPO press conference the listing of IFA H&R on the Kuwait Stock Exchange and covered the future plans and outlook for IFA H&R.
Mr Talal Al Bahar said “We are pleased to have listed on the 3rd of January IFA Hotels & Resorts on the Kuwait Stock Exchange. This listing is the first step of our plan to list on other markets in the near future.”
IFA H&R is widely recognised as one of the world’s leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa. IFA H&R projects are in Dubai, Lebanon, London, South Africa, Zanzibar, Kenya and Portugal.
Mr Talal Al Bahar added “IFA Hotels & Resorts’ revenue is expected to increase from US$ 157 million to US$ 625 million for the period from 2005 to 2008, with profits increasing from US$ 13 million to US$ 173 million.”
Mr Saleh Al Selmi, Vice Chairman of IFA, the parent company, comments “IFA Hotels & Resorts has been the focus of the group for the past 3 years. We are pleased to see such positive results and foresee continued success in the future.”
IFA H&R projects and investments in Dubai include The Fairmont Palm Hotel & Resort, the Fairmont Palm Residence, the Fairmont Crescent Resort on the Palm Island, The Palm Residence (Al Nabat and Al Haseer), the Palm Golden Mile and the Mövenpick Hotel & Residence Laguna Tower Dubai. Furthermore, IFA H&R’s other projects are the Kempinski Alabadiyah Hills in Beirut, a major stake in the Four Seasons Hotel in Beirut, the Zanzibar Beach Hotel & Resort, the Zimbali Coastal Resort, the Zimbali Lakes, the Zimbali Lodge, the Fairmont Zimbali, major stakes in 5 Lonrho Hotels in Kenya and in the YOTEL hotels group, which owns two YOTEL hotels in Heathrow and Gatwick, United Kingdom.
Globally, IFA H&R has entered into strategic alliances and Joint Venture partnerships with leading companies such as Kingdom Hotel Investment Group, Nakheel, United Investments Portugal, FPD Savills, a strategic alliance with RCI (part of the Cendant’s Group) and Moreland Developments (Pty) Ltd in South Africa.
Mr Talal Al Bahar stated that “IFA Hotels & Resorts’ brand acquisition and developer partnerships will continue into the future as it is part of our growth strategy. We are conscious of the fact that our success has been built through mutually beneficial alliances with our world class strategic partners, and we will continue to build on these relationships in the future.”
Mr Talal Al Bahar concluded, “We are looking forward to the future where we will be listing IFA Hotels & Resorts on the Johannesburg Stock Exchange in South Africa in February 2006. We are confident of our future plans, where we will expand into markets in the hospitality and real estate sectors in the US, the UK, Croatia, Mauritius, Maldives and the Far East.”