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)
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