IFA Hotels and Resorts (IFA HR) yesterday announced its second joint venture partnership with Nakheel with the acquisition of two plots of land on The Palm Jumeirah at $1 billion (Dh3.67bn).
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 1.012msqft and are located next to the Kingdom of Sheba resort, with a built up area of 1.923m sqft.
Chris O'Donnell, Nakheel CEO, said: "The 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 and Resorts will result in a number of these choices and this latest joint venture will result in another exceptional experience on The Palm Jumeirah."
Yousuf Kazim, Managing Director, Nakheel Joint Ventures said: "In all of Nakheel's joint ventures, we only associate with best of the breed partners. As a highly experienced and reputable company, IFA Hotels and Resorts brings a high level of expertise to this partnership."
IFA HR will be responsible for the asset management, design and development and the sales and marketing of the resort.
Werner Burger, President and COO of IFA HR, said: "We will apply our existing formula of mixed-use destinations to the resort, which will include a boutique hotel and residences, including villas and apartments, all to be managed by a leading global luxury hotel operator."
Nakheel in deal with Al Jaber
Nakheel, a Dubai World company and one of the world's largest real estate developers, has signed a Dh2 billion contract with Al Jaber Group for the construction of 740 luxury villas in Veneto.
Veneto has been masterplanned to create an exclusive waterside neighbourhood on the fringe of Waterfront City, the urban heart of the metropolis.
As the first community to be launched in the world's largest coastal development, Veneto recently completely sold out its first stage of 716 luxury villas for a value of Dh7 billion in just five days.
Construction of the first stage of Veneto is expected to begin next month, with the handover for the initial villas anticipated in the second half of 2009.
In total, Veneto will comprise 1,400 luxury villas and townhouses and 1,200 low-rise apartments and will eventually be home to a predicted population of about 14,000.