During the meeting, IFA's present and future investments in South Africa were discussed stressing the company's long term commitment to tourism in South Africa.
Al-Bahar outlined the international strategy of IFA to develop a network of high quality resorts covering Europe, the Middle East and Africa, and linking these three important regions.
Al-Bahar discussed IFA's strategic investment plan for South Africa totalling $300 million of which $150 million is already committed to cover two major international hotels in the Zimbali area, as well as the recently acquired Sun International Zimbali Lodge Hotel together with other investments in various economic activities in South Africa. It is expected that IFA's South African projects will generate 2,000 jobs in Zimbali.
Al-Bahar added: 'The implementation of IFA's strategy in South Africa is based on the strategic alliance between IFA and two major players in the real estate development as well as resort management. The first alliance was with Moreland Developments, in late 2003, one of South Africa's leading land developers and a property subsidiary of the Tongaat-Hulett Group in a 50:50 joint venture involving the development of Zimbali Resort, on 7,000,000 sq metres of land. The second strategic alliance was finalised earlier this year with Sun International and IFA Hotels & Resorts covering Zimbali Lodge, and the future resorts:-Zimbali Sun Resort, Palm Sun(Dubai)and Zanzibar Sun.
At the meeting, Al-Bahar outlined IFA's other major investments in the Middle East and Europe, especially Palm Jumeirah, Dubai which totals $1 billion, plus IFA's managed investments of $300 million at the Sheraton Algarve in Portugal, its recent investments in Zanzibar and its future resort in Lebanon.
Al-Bahar stated: 'South Africa is a model for developing nations in terms of political and economic development as evidenced over the last 10 years of achievements in the country.'
Also present at the meeting were Mendi Msimang, Treasurer General of the African National Congress and James Wilson, President & COO, IFA Hotels and Resorts.
During the visit to South Africa by IFA's Chairman there were further meetings with senior government officials involving S'bu Ndebele Premier of KwaZulu-Natal covering IFA's tourism developments in Zimbali, Kwa Zulu Natal; Aziz Pahd, Deputy Minister Foreign Affairs and Mantombazana Botha Deputy Minister Tourism.
Al-Bahar expressed his appreciation for the support IFA is receiving at national and regional government levels for its investment projects in South Africa, which have already shown positive results for all the respective parties.
Index : Company News : International Financial Advisors : IFA Hotels & Resorts
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- Kuwait: Sunday, July 04 - 2004 at 14:03
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ABOUT IFA HOTELS & RESORTS -IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA), with expanding tourism interests spanning Europe, the Middle East and Africa.
In South Africa, IFA is involved in a joint venture in the existing Zimbali Coastal Resort (www.zimbali.co.za) which covers 3.7 million square metres (370 Hectares) and the expansion of the resort will add a further 3.0 million square metres (300 Hectares).
It also recently agreed to purchase one of South Africa's most exclusive hideaway resorts - the Zimbali Lodge - from South African leisure operator Afrisun Kwa-Zulu Natal, which will continue to be managed by Sun International Management Limited.
The move is further evidence of IFA's commitment to build and position Zimbali as an exclusive destination for the discerning international traveller.
In the Middle East, IFA Hotels & Resorts is the largest investor in The Palm, Jumeirah, a man-made island offshore Dubai in the United Arab Emirates. These include: The Palm Hotel & Beach Resort with 300 rooms, with its five-star Palm Vacation Club on the island's trunk, a 1,000 room five-star Hotel and Vacation Club on the island's crescent. In addition, the company is behind The Palm Residence, with more than 1,000 apartments in three buildings - Al Nabat, Al Haseer and The Palm Golden Mile.
The Golden Mile development, a joint venture with Nakheel, developers of The Palm, includes a shopping and residential complex which will cost US $300 million and will feature 780 luxury apartments as well as 220 boutique shops and restaurants. The project will overlook a 1.5 kilometre canalside Corniche which will transform it into one of the world's most sought-after Corniche-style shopping destinations.
The depth and strength of IFA places it in the forefront of companies engaged in the development of tourism projects, hotels and resorts in Europe, the Middle East and Africa.
It is the force behind the management of the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort in Portugal; part of Starwood's Luxury Collection, and behind the Zanzibar Beach Hotel and Resort - the largest destination resort on the historic spice island.
IFA Hotels & Resorts aims to link its resorts in The Palm, Jumeirah - Dubai, Zimbali - South Africa, Zanzibar and Portugal with future planned resorts in Lebanon. This will offer tourists in Europe, the Middle East and Africa a unique network linking the company's respective hotels, resorts, timeshare and residence club destinations.
For further information:
Kuwait
IFA Hotels & Resorts PR
Celia Menezes
Tel: +965 2403796
Fax: +965 2407179
Portugal
IFA Hotels & Resorts PR
Teresa Chatillon
Tel: +351-289-500106
Fax: +351 289-501795
Dubai
IFA Hotels & Resorts PR
Barbara Saunders, MCS/Action
Tel: +9714 390 2961
South Africa
IFA Hotels & Resorts PR
Melanie Robert
Tel: +27-82 378 7486
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, July 04 - 2004 at 14:03 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
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