Kuwaiti-led consortium invests $100 million in South African resort
A consortium led by Kuwait’s International Financial Advisors (IFA) will invest $100 million in the Zimbali Resort, South Africa. The investment will be distributed over a ten-year period, stated a press release.
IFA heads a consortium with several leading Kuwaiti and international companies, Kuwait Real Estate Company (KREC), International Finance Company (IFC) and United Investments Portugal (UIP), with assets in excess of one billion dollars.
In an initial investment of $10 million, the company has acquired a 50 percent equity stake in the Zimbali Coastal Resort in the KwaZulu-Natal region, north of Durban, South Africa.
The joint venture that was formed with South Africa’s Moreland Developments of the Tongaat-Hulett Group. The company has developed more than 10 million square meters of land, worth more than $1.5 billion, over the past 10 years.
The existing Zimbali Resort covers 3.7 million square meters. The expansion of resort will add a further 3.5 million square meters with 340 properties sold to date.
Additionally, IFA Hotels & Resorts, a subsidiary of IFA, has purchased one million square meters of land to build a 300 bedroom, five-star hotel, golf course and vacation club.
The total economic value of the first phase of the joint venture's intended development plan is estimated to be in the order of $350 million. This is expected to increase to $570 million in new capital investment attracted into the area over the ten year planning and development horizon. — (menareport.com)
© 2003 Mena Report (www.menareport.com)