Kuwaiti consortium concludes second major investment in The Palm

Published July 2nd, 2003 - 02:00 GMT

The Kuwaiti consortium International Financial Advisers KSC (IFA) has finalized its second major investment in The Palm, Jumeirah, announced Dubai Palm Developers LLC. The deal sees the consortium increase its investment to include two retail blocks and two luxury shoreline apartment buildings.  

 

The IFA consortium has already made significant investments in The Palm, Jumeirah, totaling $45 million in land acquisition which will be developed in the future to include a 1,200 room luxury resort property including a hotel and vacation club.  

 

"The IFA consortium decided to embark on a further major investment in The Palm Jumeirah based on its confidence in the great future of tourism in Dubai,” said Jassim Mohammed Al- Bahar, chairman and managing director of IFA.  

 

The additional investment in The Palm, Jumeirah, represents $100 million and once built will comprise of a 204,440 square feet canal side shopping complex with luxury apartments above, and two luxury shoreline apartment buildings comprising a total of 248 apartments with a substantial beach and leisure club.  

 

The IFA consortium is composed of several Kuwait companies, including International Financial Advisers (IFA), Kuwait Real Estate Company (KREC), International Finance Company (IFC) and United Investments Portugal (UIP).  

 

The group, through UIP, has for the past 10 years developed and operated European resorts Sheraton Algarve hotel and Pine Cliffs resort in Portugal, part of the Starwood Luxury Collection. The IFA consortium's aim is to link its Palm, Jumeirah developments with its existing luxury resort in Portugal as well as with its planned resort in Lebanon. — (menareport.com) 

© 2003 Mena Report (www.menareport.com)


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