Nakheel and IFA in joint venture to develop Souq Palm
Land developers Nakheel and IFA Hotels and Resorts, a subsidiary of International Financial Advisors (IFA) Kuwait, have signed a joint venture agreement to develop a major shopping complex and freehold residences covering 60,000 square meters on the trunk of The Palm Jumeirah.
The joint venture's shopping and residential complex will cost $300 million and will cover 750 luxury apartments, 220 boutique shops and restaurants along the trunk of The Palm, Jumeirah.
This is the fourth major investment in The Palm, Jumeirah by the IFA consortium resulting from the close business and marketing relationship between IFA and Nakheel. The IFA consortium is composed of several leading Kuwaiti and international companies including; Kuwait Real Estate Company (KREC), International Finance Company (IFC) and United Investments Portugal (UIP).
The joint venture will now result in IFA Hotels & Resorts involvement in developments across the whole of the trunk on The Palm, Jumeirah. IFA's other investments on the trunk include a 1,200-room luxury resort which will include the five-star Palm Hotel & Resort, with 300 rooms, the 460 suite Palm Vacation Club, and Palm Residence with 246 shoreline apartments. — (menareport.com)
© 2004 Mena Report (www.menareport.com)