IFA Hotels & Resorts has announced its second joint venture partnership with Nakheel with the acquisition of two plots of land adjacent to the Kingdom of Sheba resort located on the Crescent of Palm Jumeirah in Dubai. The new resort will be an extension of the Kingdom of Sheba and is valued at approximately US$ 1 billion.
Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR, stated “We are very pleased to be partnering with Nakheel on this new project. We have experienced a great relationship with Nakheel during the past five years on our successful projects on the island and specifically on The Palm Golden Mile where an existing JV partnership exists.”
The two plots of land cover 1.012 million square feet and are located next to the Kingdom of Sheba resort, with a built up area of 1.923 million square feet.
Chris O’Donnell, Nakheel CEO, said “Palm Jumeirah will be one of the world’s premier resorts, offering a wealth of beachfront hotels, retail and leisure choices. Our partnership with IFA Hotels & Resorts will result in a number of these choices and this latest joint venture will result in yet another exceptional experience on Palm Jumeirah.”
Nakheel is one of the world’s largest privately held real estate developers and a key player in realising the vision of Dubai for the 21st century. Nakheel’s portfolio extends across a range of sectors including residential, commercial, hotels, retail and leisure and includes the iconic and internationally acclaimed waterfront developments such as Palm Jumeirah, Palm Jebel Ali, Palm Deira, The World and Waterfront.
Yousuf Kazim, Managing Director, Nakheel Joint Ventures said, “In all of Nakheel’s joint ventures, we only associate with best of breed partners. As a highly experienced and reputable company, IFA Hotels & Resorts brings a high level of expertise to this partnership.”
With a proven track record of delivering integrated resorts with international hotel brands, IFA HR will be responsible for the Asset Management, Design & Development and the Sales & Marketing of the resort.
Werner Burger, President and COO of IFA HR, said “We will apply our existing formula of mixed use destinations to the resort which will include a boutique hotel and residences, including villas and apartments, all to be managed by a leading international luxury hotel operator”.
IFA HR recently broke ground on the Balqis Residence, the residential component of the Kingdom of Sheba. The Kingdom of Sheba resort covers 1.523 million square feet in a prime location adjacent to the renowned Atlantis development and will consist of five separate and unique elements, each strongly influenced by classic Arab architecture - residences, fractional ownership, vacation club, a hotel and souq (retail plaza).
In addition to the Kingdom of Sheba, IFA HR’s other investments and projects on Palm Jumeirah include the Palm Residence (Al Nabat & Al Haseer), Fairmont Palm Hotel & Resort, Fairmont Palm Residence and The Palm Golden Mile. In total, the company is developing in excess of 3,500 keys on the island.
Al-Bahar concluded “Dubai is a very important market for us. We are proud to have been the first investor on Palm Jumeirah and will continue with our investments and growth in Dubai. We are also very happy to have started handing over properties to our customers; next year will see us delivering more than 1,700 residential units.”