| 01 Jul 2008 |
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IFA Hotels & Resorts Appoints DCC as Main Contractor for Phase 1 of the Kingdom of Sheba Resort
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Dubai: IFA Hotels & Resorts (IFA HR)IFA Hotels & Resorts (IFA HR)
appoints Dubai Contracting Company (DCC)Dubai Contracting Company (DCC) as the main contractor for the first phase of its Kingdom of Sheba resort. The value of the construction contract is in excess of AED 1 billion.Phase one of the resort includes the residential component, Balqis Residence, and the Private Residence Club, Fairmont Heritage Place. Balqis Residence comprises 300 sea-view residences from villas, townhouses, apartments and penthouses; all to be managed by Fairmont Hotels & Resorts. Fairmont Heritage Place is the fractional ownership component and will offer just 46 homes, each divided into saleable fractions of 1/10th.
"We are truly delighted to have contracted DCCDCC for the first phase of our Kingdom of Sheba resort as they have a stellar track record working on sizeable residential and commercial projects both in the UAE and abroad. We have already established a healthy working partnership with DCCDCC on past projects in Dubai, including our Fairmont Palm Hotel & Resort on the trunk of the Palm Jumeriah and we couldn't be more pleased to be teaming with them once again," said Werner Burger, President and COO of IFA HR.
Abdallah Yabroudi, CEO of DCCDCC, said: "This is a very exciting project and we look forward to collaborating on future projects with IFA Hotels & ResortsIFA Hotels & Resorts."
Located on the crescent of Dubai's Palm Jumeirah, the Kingdom of Sheba is modelled on classic Arabian architecture and will consist of five separate and unique elements. Managed by Fairmont Hotels & Resorts, the resort will include upon completion Balqis Residence, Fairmont Heritage Place, Fairmont Kingdom of Sheba (hotel), Kingdom of Sheba Vacation Club and a traditional Souq (retail plaza), covering 141,500 square metres of prime property on the island.
"We are pleased to have negotiated this contract with DCCDCC; true synergy and innovation will flourish from this partnership. DCCDCC will now begin with the raft foundations as all piling works have recently been completed," added Richard Haddon, Vice President of Construction Dubai at IFA HR.
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About IFA Hotels & Resorts
IFA Hotels & ResortsIFA Hotels & Resorts is a leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Far East, Africa, the Indian Ocean Region and North America.
IFA Hotels & ResortsIFA Hotels & Resorts' activity in resort development began in the mid 80s with the acquisition and development of Pine Cliffs Resort in the Algarve, Portugal, through United Investments Portugal, which is part of the IFA Consortium.
The grandeur of Pine Cliffs provided the ideal environment for investment in the real estate sector as well as residential homes and resort living, and thus the consortium's link with the hospitality sector developed. Today, IFA Hotels & ResortsIFA Hotels & Resorts sets the international benchmark for the development of world class integrated real estate development.
enjoys close links to premier hospitality operators such as Fairmont Hotels & Resorts, Mövenpick Hotels & Resorts, Kempinski Hotels, Sheraton Hotels & Resorts and Sun International, appointed to manage developments around the world.IFA Hotels & ResortsIFA Hotels & Resorts listed on the Kuwait Stock Exchange in January 2006, with a market capitalisation of over US$ 1 billion. The company also listed on the South African JSE Limited (Johannesburg Stock Exchange) during 2006 with plans to list on other major exchanges in the future. In January 2007, the company invested in listed Thai developer Raimon Land.
Globally, IFA Hotels & ResortsIFA Hotels & Resorts has entered into strategic alliances and joint venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, YOTEL (UK), a strategic alliance with RCI (part of the Cendant's Group), Tongaat Hulett Developments (South Africa), Boschendal Ltd (South Africa), Raimon Land (Thailand), Ohlthaver & List (Namibia), Indian Ocean Resorts (Seychelles)and most recently Related (United States).
IFA Hotels & ResortsIFA Hotels & Resorts currently has projects in Dubai, Lebanon, the United Kingdom, the Netherlands, Portugal, France, South Africa, Kenya, Zanzibar, Namibia, Seychelles, Thailand, Caribbean and New York, with plans to link its resorts to new parts of the globe. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
IFA Hotels & ResortsIFA Hotels & Resorts' programme of brand acquisition and developer partnerships will continue into the future, illustrated by the ever growing strength of its product range: lifestyle membership clubs, vacation clubs, fractional ownership, hotel ownership, residences, yacht ownership clubs and jet ownership clubs.
This unique product range enables IFA Hotels & ResortsIFA Hotels & Resorts to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.
Website: www.ifahotelsresorts.com
© Press Release 2008
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