Kuwait's IFA signs agreement with Zanzibar Government for tourism project
Chairman and Managing Director of International Financial Advisors (IFA) Kuwait, Jassim Al-Bahar has announced that IFA Hotels & Resorts, a subsidiary of IFA, has signed an agreement with the Zanzibar Government for three million square meters of land and has outlined plans for a major tourist resort on the island.
In the agreement with the Zanzibari Government, IFA has secured 300 hectares of land with three kilometers of beachfront. IFA has also purchased one of the major private resorts, the Zanzibar Beach Hotel, which is set in four hectares of land - 40,000 square meters - with 300 meters of prime beach.
“When the expansion plans of the resort are completed, the luxury Zanzibar Beach Hotel and Resort will represent an IFA investment of over $50 million over the next five years,”n said Al-Bahar
Zanzibar, the largest coral island off the East coast of Africa, is a haven for diving and fishing. Zanzibar waters are home to year-round game fishing, including the legendary Marlin. Zanzibar, once closely linked to Oman, was once the center of the spice trade. The island is just four and a half-hour flying time from the Gulf. — (menareport.com)
© 2003 Mena Report (www.menareport.com)