Kuwaiti consortium to construct $45 million hotels on Dubai‘s Palm Island
The Kuwaiti-based investment group, International Financial Advisers (KFA), recently concluded an agreement providing for the construction of two hotels and a time-sharing resort in the Jumairah Palm Project in Dubai, United Arab Emirates (UAE). The project, designed to spread over a total area of 92,000 square meters, is estimated to cost up to 165 million Emirati dirhams ($45 million).
One of 80 investment proposals so far submitted to the Palm project, the IFA is leading a consortium, which also includes the Kuwait Real Estate Company (KREC), the International Financing Company of Kuwait and the United Investment Portugal ETSA (UIP).
The three-billion dollar Palm Island project aim to construct the world’s largest man-made islands. The development project, on reclaimed land off Dubai’s Arabian Gulf coastline, is creating two distinct palm-shaped islands, The Palm Jumeirah and The Palm Jebel Ali, both linked to the mainland.
With an emphasis on quality lifestyle for its residents, it will also incorporate a major tourism element in its concept and design. This element will be characterized by a mix of marinas, hotels, shopping malls, a golf course, cinemas, themed attractions, including a marine park featuring dolphins and killer whales, and a futuristic monorail. — (menareport.com)
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