Kuwait's IFA to invest $10mln in Yotel on Dubai's Palm Jumeirah

The investment and asset management company will have a 10.5 percent share of equity in the property

  
Image used for illustrative purpose. A nice yellow hotel room with one bed.

Image used for illustrative purpose. A nice yellow hotel room with one bed.

Getty Images

Kuwait-based investor International Financial Advisors Holding (IFA) will invest $10 million in a branch of smart hotel brand Yotel in Dubai’s Palm Jumeirah.

In a bourse filing, the company said its investment of AED 37.69 million ($10.26 million) would be a 10.5 percent share of equity and had been approved by its Risk Management Committee.

Yotel is a UK-based smart hotel brand, which currently has 20 listed properties in the UK, Europe, Singapore and the USA.

The Palm Jumeriah property which is currently under construction is a four-star hotel, the bourse filing said.

IFA is also investing AED 20.58 million in Palm Jumeriah-based Strive Services Group, a facilities management and security services firm.

(Reporting by Imogen Lillywhite; editing by Daniel Luiz)

Imogen.lillywhite@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Alternative Investments