'There is increasing demand in India for properties in Dubai. The emirate is one of India's top trading and tourism partners. It's also a major export trade centre and a gateway for the whole region. The UAE alone represents 70% of India's exports to the GCC and there is a corresponding high level of business travel between the two,' said James Wilson, COO and President, IFA Hotels & Resorts.
'A recent real estate industry report suggested that between 18-25% of foreigners buying real estate in Dubai are Indian nationals, with the majority based outside the UAE. Increased interest is likely following a new Indian government regulation which allows individuals to annually send out US $25,000 for foreign investment purposes. Investing in overseas property is now a realistic option for families or pooled investors,' explained Wilson.
Dubai, already a popular destination with Indian tourists, is now likely to attract even more with increased promotion of the emirate throughout the Sub-continent. According to the Department of Tourism Commerce Marketing (DTCM), Government of Dubai, the number of Indian tour operators featuring Dubai in their destination programmes has increased by almost 30% this year compared to last, and some seven different airlines now fly daily from India to Dubai International.
IFA hopes to capitalise on heightened Indian interest in Dubai when it takes part in this week's 'UAE in India Exhibition' in Mumbai with joint venture partner, Nakheel, developer of The Palm, Jumeirah.
'We are intensifying our efforts to attract Indian investors and will be actively promoting our world-class Golden Mile project,' said Wilson.
The luxury Golden Mile residential and retail destination, a joint venture with Nakheel, covers 60,000 square metres of the iconic island with luxury apartments and townhouses and upscale retail units.
'Last year within hours of the UAE in India show opening, we concluded a number of sales, including that of a three-bedroomed waterfront apartment on The Palm, Jumeirah. We also received dozens of enquiries for other properties. We will now build on the brand awareness created last year,' added Wilson.
IFA will also market its five-star, 460 all-suite timeshare Vacation Club on The Palm, Jumeirah at the exhibition, an affiliation with Resorts Condominiums International (RCI), the global leader in vacation property exchange.
'We will be using the event to meet local real estate agents to initiate discussions on the possibility of partnering with them in the future,' explained Wilson.
'What differentiates us from other major international investors is the sheer quality of our project, its full service, value-added programme and our unique finance packages with flexible payment terms. This enables investors to maximise their return on investment.'
IFA Hotels & Resorts' full service package includes a purchase guarantee, comprehensive service provision from a five-star hospitality operator with rental administration, maid service, concierge, maintenance and administration services.
Apart from the Golden Mile, IFA will also promote its other properties around the world including its mixed-use integrated resort developments in Portugal, the Zimbali Coastal Resort in South Africa and Zanzibar as well as planned resorts in Lebanon and the Indian Ocean island of Mauritius.
'We are now an international real estate player with world-class developments in six countries across three continents and intend to maintain our market-leading reputation with additional projects shortly to be announced in the UAE and Mauritius,' concluded Wilson.
Index : Company News : International Financial Advisors : IFA Hotels & Resorts
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Browse related articlesIFA mounts Mumbai push as real estate industry names Indians among Dubai's top foreign investors
IFA Hotels & Resorts, a wholly-owned subsidiary of Kuwait's International Financial Advisors and the largest investor in Dubai's The Palm, Jumeirah, is stepping up its efforts to win Indian investors who now make up 20 per cent of foreign real estate buyers in Dubai.
- United Arab Emirates: Sunday, December 12 - 2004 at 10:52
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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, the Indian Ocean 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, the Indian Ocean 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 and Mauritius. 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.
For further information:
Kuwait
IFA Hotels & Resorts PR
Celia Menezes
Tel: +965 2470743
Fax: +965 2407179
Dubai
IFA Hotels & Resorts PR
Jonathan MacPherson, MCS/Action FZ LLC
Tel: +9714 390 2961
Portugal
IFA Hotels & Resorts PR
Teresa Chatillon
Tel: +351-289-500106
Fax: +351 289-501795
South Africa
IFA Hotels & Resorts PR
Melanie Roberts
Tel: +27-82 378 7486
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, December 12 - 2004 at 10:52 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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