The Kuwaiti consortium International Financial Advisers (IFA) has finalized their second major investment in the Palm, Jumeirah tourist island. The deal sees the consortium increase its investment to include two retail blocks and two luxury shoreline apartment buildings, stated a press release.
The additional investment 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 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 is composed of several leading Kuwait companies including International Financial Advisers (IFA), Kuwait Real Estate Company (KREC), International Finance Company (IFC) and United Investments Portugal (UIP).
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, thus presenting to its clients a link between the Middle East and Europe.
The Palm involves the creation of the world's largest two man-made islands known as the Palm, Jumeirah and the Palm, Jebel Ali. Located just off the coast of the city of Dubai in the United Arab Emirates (UAE), the two palm tree shaped islands are expected to contribute to the city's position as a premier global tourist destination.
The project increases Dubai's shoreline by a total of 120 kilometers and creates a large number of residential, leisure and entertainment opportunities. Comprised of approximately 100 million cubic meters of rock and sand, each island will eventually support 50 luxury hotels, 2,500 exclusive residential beachside villas, up to 2,400 shoreline apartments, two marinas, water theme parks, restaurants, shopping malls, sports facilities, health spas and cinemas. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
