KHI to invest in Dubai’s Palm Island Jumeirah
Saudi Arabia's Kingdom Hotel Investments (KHI) has announced a $200 million capital infusion with IFA in the proposed Fairmont Palm Hotel & Resort in Dubai’s Palm Island Jumeirah.
The investment, which is KHI’s fourth in Dubai, was announced last year at the Arabian travel market, during which the strategic alliance between KHI, IFA and Fairmont was unveiled. According to Arab News, the proposed hotel, expected to open during the first quarter of 2008, is strategically located on the stem of Palm Island and enjoys unrestricted views of the seas and the Jumeirah Beach area. The hotel will have 400 guest rooms, six food and beverage outlets, approximately 1, 300 sq. meters of meeting space, 2,700 sq. m. of Willowstream Spa and a wide variety of recreational facilities.