IFA Hotels & Resorts (IFA HR) 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 $1 billion. Talal Jassim Al-Bahar, chairman and managing director of IFA HR, said “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 realizing 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 “IFA Hotels & Resorts brings a high level of expertise to this partnership.” __
