IFA yachting initiative and Palm Jumeriah development win European support at Cannes

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Notes and media contacts

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.

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.

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. Its portfolio includes: The Fairmont Palm Hotel & Beach Resort with 300 rooms and the five-star Fairmont Palm Vacation Club on the island's trunk; and the 1,000 room five-star Palm Hotel and Vacation Club on the island's crescent. IFA Hotels & Resorts is also behind The Palm Residence and Palm Golden Mile with more than 1,000 apartments.

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; featuring around more than 800 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 waterfront shopping destinations.

Continuing its investment in the Middle East, IFA Hotels & Resorts has acquired 7.5 hectares of land in the Al Abadiyah Hills, overlooking Beirut, Lebanon, where it plans to develop a hotel and vacation club resort.

In South Africa, IFA is involved in a joint venture in the existing Zimbali Coastal Resort (www.zimbali.co.za). Zimbali is a 370 hectare (925 acre) tropical coastal residential and resort estate located on the North Coast of KwaZulu-Natal (South Africa), 25 km north of Umhlanga Rocks and bordering on the south of the popular holiday destination of Ballito. Zimbali consists of two distinct but uniquely complementary residential and resort estates - the Zimbali Coastal Forest Estate and the Zimbali Golf Course Estate.

IFA Hotels & Resorts recently purchased one of South Africa's most exclusive hideaway resorts - the Zimbali Lodge which will be managed by Sun International Limited. The move is further evidence of IFA's commitment to build and position Zimbali as an exclusive destination for the discerning international traveller.

IFA Hotels & Resorts 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 the Zanzibar Beach Hotel and Resort on the historic Tanzanian spice island.

Recently, IFA Hotels & Resorts forged an exclusive marketing association with FDP Savills, one of the world's leading real estate and property consultants to exclusively market all of FDPSavills' residential properties in the Middle East. In return FDPSavills markets IFA Hotels & Resorts' Middle Eastern properties in the UK and Ireland. This agreement is a diversification for IFA Hotels & Resorts into additional markets, not just as developers but internationally as residential consultants in primary and secondary markets.

IFA Hotels & Resorts aims to link its resorts in The Palm, Jumeirah - Dubai, Zimbali - South Africa, Zanzibar and Portugal with planned resorts in Lebanon. This will offer tourists in Europe, the Middle East and Africa a unique network across the company's respective hotels, resorts, timeshare and residence club destinations.