IFA & Government of Mauritius agree on major tourism project

The resort will be developed by IFA Hotels & Resorts at a cost of approximately $100 million. A Memorandum of Understanding is now to be finalised with IFA and the Government of Mauritius.

Under the agreement with the Government of Mauritius, IFA will acquire a major property to establish a resort consisting of an internationally operated hotel, villas, townhouses and a golf course. The resort will be one of the leading new resorts on the island that allows foreigners to purchase land and property in Mauritius. IFA says the move will capitalise on the opportunity for foreigners and locals to purchase land and property within the resort and to benefit from the right of permanent residency.

'We will create a resort which will match or surpass competitive destinations, providing the best in five star accommodation and golf facilities within an integrated resort scheme,' said Al-Bahar.

'We intend to develop a project that will be reflective of the diverse Mauritian history and so expose locals and tourists to its wealth of cultural influences and attractions, recognising its history and generating positive community involvement and economic benefit.

'The luxury resort will provide the opportunity to buy into one of the world's most exclusive and prestigious destinations.'

The resort will comprise a fully integrated five-star hotel and residential resort under the IRS scheme, and will include: five star Vacation Club suites, integrated into a five star boutique hotel; an entertainment complex including retail facilities; townhouses and apartments to be sold under the IRS scheme; a golf and country club including a golf course, driving range and clubhouse as well as 750 freehold properties, including villas, townhouses and apartments.

'When the plans of the resort are completed, the luxury complex will represent an investment of over $100 million - the single largest tourism investment into Mauritius to date. Our plan is to have the largest luxurious destination resort, employing up to 1,000 people, on this beautiful island,' explained Al-Bahar.

IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA). IFA is listed on the Kuwait Stock Exchange with a market capitalization of US $1 Billion. The depth and strength of the group 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, The Zimbali Coastal Resort, South Africa and behind the planned luxury Zanzibar Beach Hotel and Resort - the largest destination resort on the historic spice island.

IFA anticipates strong Middle East demand to Mauritius especially from the Gulf. The island is already an established and attractive destination for European tourists with a number of world class five star resorts and is connected to the Middle East with regular direct flights from the Gulf.

IFA Hotels & Resorts plans to link the Mauritian resort with its resorts in Palm Jumeirah Dubai, Zimbali Coastal Resort, South Africa, Zanzibar Hotel & Resort, its planned resort in Lebanon and existing hotel and resort in Portugal, the Sheraton Algarve and Pine Cliffs Resort, which is owned by one of the companies in the IFA consortium, United Investments Portugal. The aim is to offer tourists in Europe, the Middle East and Africa a unique network linking IFA's respective hotels, resorts and vacation club destinations.

'I would like to express my appreciation for the confidence and support shown by the Government of Mauritius in IFA's investment plans for the island,' said Al-Bahar.

'IFA's decision to invest represents a further implementation of its strategy on tourism. Furthermore IFA's decision to invest in tourism in Mauritius was encouraged by the Government's vision and proactive approach in positioning the island's tourism industry and in the investment incentives targeted at international tourism developers and hotel groups, provided by the Government of Mauritius.'

The IFA investment has been warmly welcomed by the Mauritian government.

'We are delighted and welcome the IFA investment as in line with the Government's policy of diversifying the Mauritian tourism product and of attracting high net worth individuals into the country,' stated a senior Government official

The meetings between IFA and the Government of Mauritius were a direct result of the proactive efforts of Dr Ahmed Swaley Kasenaly, Special Advisor to the Prime Minister of Mauritius in attracting Middle East investment and in inviting the IFA Chairman to Mauritius earlier this summer. Also attending the meeting was Saleh Al Selmi, Deputy Chairman, IFA and James Wilson, President IFA Hotels and Resorts and senior Government of Mauritius officials.

Al-Bahar added: 'IFA's investments in Mauritius represent the implementation of IFA's strategic objectives of investing in tourist resorts in Middle East, Europe, Africa and the Indian Ocean.'