Monday, Dec 04, 2006
DUBAI (Zawya Dow Jones)--Kuwait-based IFA Hotels & Resorts Monday launched its $1 billion mixed-use Kingdom of Sheba project on Dubai's Palm Jumeirah Crescent.
"The Kingdom of Sheba is by far our most ambitious project to date," Talal Jasim Al Bahar, IFA Hotels chairman and managing director, said at the Cityscape Exhibition.
The 141,500 meter squared development will have residential and vacation components, with prices ranging from $1 million to $7 million for private beach villas.
The development will be managed by Fairmont Hotels & Resorts and is scheduled for completion by 2010.
The Kingdom of Sheba project brings IFA's total investment in the region over the past three years to $2.5 billion.
Al Bahar said the recently announced Fairmount Palm Residence on The Palm Jumeirah is 90% sold out.
Kuwait's International Financial Advisor is the main shareholder in the company, which has a market capitalization of $1 billion and is listed on Kuwait Stock Exchange.
IFA Hotels also has projects in Portugal, South Africa, Lebanon, Kenya, Zanzibar and the U.K.
-By Sarmad Khan, Dow Jones Newswires, +9714 227 8287; sarmad.khan@dowjones.com
Copyright (c) 2006 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
04-12-06 0925GMT
