Kuwait's IFA and Africa's Sun International sign alliance agreement
Kuwait's IFA Hotels & Resorts (IFA) and Africa's Sun International (SI) have signed an agreement for the development of resorts in Palm Island, Dubai, Zanzibar and the Zimbali Coastal Resort in South Africa.
Under the agreement IFA and Sun International will be jointly responsible for all planning and related studies. SI will be responsible for the provision of development and operating management services. The agreement covers other potential projects in the Middle East, Africa and Indian Ocean, including the Maldives.
The proposed resorts, which will be operated under the Sun International brand, will have hotel accommodation together, in some cases, with timeshare that will be marketed and operated under the highly successful Sun International Vacation Club brand.
IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA). In 2003, IFA acquired a 50 percent shareholding in the existing Zimbali Coastal Resort in South Africa which covers 3.7 million square meters and the expansion of the resort will add a further three million meters. Additionally, IFA Hotels & Resorts purchased one million square meters of land to build the Zimbali Hotel & Resort a 300 bedrooms, five-star hotel, golf course and vacation club. — (menareport.com)
© 2004 Mena Report (www.menareport.com)