Second joint project of Nakheel and IFA Hotels & Resorts

Resort worth $ 1 billion on Jumeirah Palm

IFA HOTELS & RESORTS (IFA HR) ANNOUNCED A SECOND JOINT TRANSACTION WITH NAKHEEL COMPANY AND PURCHASE OF TWO LAND PLOTS LOCATED NEARBY TO THE SABA REAL, JEWALDEN OBEUME PROJECT. A NEW RESORT WILL BE THE LOGIC CONTINUATION OF THE “KINGDOM OF SAB”, ITS VALUE IS ASSESSED AT US $ 1 BILLION.

Tatal Jassim Al-Bahar, Chairman of the Board of Directors and Managing Director of IFA Hotels & Resorts, said: “We are very pleased to announce a joint project with Nakheel. Our fruitful cooperation has been going on for five years, in particular on the Golden Mile of The Palm Jumeirah, where we are already implementing a magnificent joint project. "

Two plots of land with a total area of ​​9400 hectares are located next to the resort complex "Kingdom of Sheba" (Kingdom of Sheba). The total area of ​​the new building will be 17 850 hectares.

Chris O'Donel, Nakheel's chairman of the board, said: “The Palm Jumeirah will be the world's largest beach resort with a wide selection of opportunities for shopping and relaxation. The result of our collaboration with IFA will be another exceptional resort on this island.”

Nakheel is the largest developer company that implements plans to create the image of Dubai of the 21st century. Nakheel company specializes in the development of residential and commercial real estate, as well as hotels, shops and recreation areas. The company's facilities include such world-famous projects as: Palm Jumeirah Islands, Palm Jebel Ali, Palm Deira, The World and Waterfront archipelago.

Jozuf Kazim, Managing Director of Nakheel Joint Ventures said: "For all of its joint projects, Nakheel selects the best partners in the industry. IFA Hotels & Resorts is a developer with rich experience and a good reputation, whose high level of qualification is very valuable in this partnership."

With extensive experience working with international-class hotels, IFA HR will be responsible for asset management, design and development, as well as sales and marketing of the new resort.

Werner Berger, President and Chief Executive Officer of IFA HR, said: “We will use our tactics to create multifunctional real estate projects that will include boutique hotels, villas and apartments. All facilities will be managed by the leading operator of luxury hotels.” .

More recently, IFA HR began construction of Balqis Residence, a residential property that is part of the Kingdoma of Sheba project. The Kingdom of Sheba occupies 14,150 hectares and is located on the “crescent” around The Palm Jumeirah Island, next to the Atlantis Hotel. The resort will consist of five separate projects - residential residences, private property, club-type resorts, a hotel and a shopping center. Each object will be made in a unique Arabic style.

In addition to Kingdom of Sheba, IFA HR invests in projects on The Palm Jumeirah Island such as Palm Residence (Al Nabat & Al Haseer), Fairmont Palm Hotel & Resort, Fairmont Palm Residence and The Palm Golden Mile. The total number of keys to IFA HR facilities on Palm is 3,500.

Mr. Al-Bahar concluded: “Dubai is a very important market for us. We are very proud to be the first investor in The Palm Jumeirah. We intend to continue to invest and grow in Dubai. We are also very pleased that the completion of our facilities customers have already begun, and next year we plan to rent out more than 1700 residences. "

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