IFA achieved a profit of KD100 million from the offering and will enter this profit in the balance sheet for 2005.
IFA Hotels & Resorts will be traded on the Kuwait Stock Exchange on January 3rd, 2006 and will apply for listing on the Dubai Financial Market in the near future. Furthermore, IFA has recently acquired Moribo Leisure Limited of South Africa, a listed company in JSE, and will change its name to IFA Hotels & Resorts Limited in the first quarter of 2006.
Al-Bahar said; "The listing of IFA Hotels & Resorts was a result of IFA's success and achievements in the hospitality sector and based on IFA's strategy to have separate operations and to launch specialised companies. Therefore, the time is right for IFA Hotels & Resorts to become a separate company with an independent and specialised management that will help in achieving the company's goals in a record time and contribute to higher returns that will reflect positively on IFA."
IFA Hotels & Resorts is widely recognised as one of the world's leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa, with market capitalization of US$ 1 billion. IFA Hotels & Resorts' projects are either operating or under construction in Dubai, Lebanon, South Africa, Zanzibar, Kenya and Portugal.
Al-Bahar concluded by stating that "The success that was achieved in 2005 is a result of the implementation of the strategies of the company and am confident of the future for IFA and its consortium at the local, regional and international level."
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IFA Hotels & Resorts' offering concluded
- Kuwait: Wednesday, December 28 - 2005 at 14:03
- PRESS RELEASE
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Jassim M. Al-Bahar, Chairman and Managing Director of International Financial Advisors (IFA), announced the closure of IFA Hotels & Resorts' offering of 117 million shares, which represent 45% of the company's 260 million overall shares, generating KD152 million.
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Posted by Janeta Novakovic, Assistant News EditorWednesday, December 28 - 2005 at 14:03 UAE local time (GMT+4)
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ABOUT IFA HOTELS & RESORTS:
IFA Hotels & Resorts is a wholly owned subsidiary of Kuwait's International Financial Advisors (IFA), and is widely recognised as one of the world's leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean and Africa.
Throughout the world, IFA Hotels & Resorts has entered into strategic alliances and Joint Venture partnerships with companies such as Nakheel, Kingdom Hotels Investment, FPD Savills, Moreland Developments (Pty) Ltd in South Africa, and has also made strategic acquisitions in growth tourism based companies such as Cendant's Resort Condominiums International (RCI), of which IFA owns 50% of the company for the Middle East.
IFA Hotels & Resorts is in the process of listing, with the first stage being through a reverse listing of IFA Hotels & Resorts (South Africa) on the Johannesburg Stock Exchange (JSE) later this year.
In the Middle East, IFA Hotels & Resorts is the largest investor on The Palm Jumeirah, the iconic man-made island in Dubai, in the United Arab Emirates. IFA Hotels & Resorts is developing the 400-room Fairmont Palm Hotel & Resort located on the trunk of The Palm, with some 560 luxury apartments adjacent to the Hotel at the Fairmont Palm Residence. On the Crescent of The Palm, adjacent to Atlantis, IFA is developing a 1,000-key mixed use destination resort, comprising a Hotel, Vacation Club, Residences and Private Residence Club, also to be managed by Fairmont Hotels & Resorts. Elsewhere on The Palm, IFA owns two shoreline residential buildings on the trunk, Al Nabat and Al Haseer, in addition to the development of the prestigious Palm Golden Mile.
The Golden Mile development, a Joint Venture project with Nakheel, (developers of The Palm), is a US$300million development set along the heart of The Palm, the trunk, featuring in excess of 850 luxury apartments as well as 220 boutique shops and restaurants. The project stretches along a 1.5 kilometre canalside corniche, transforming it into one of the world's most unique and sought-after waterfront retail destinations.
Elsewhere in Dubai, IFA is developing the Laguna Tower, a forty-storey mixed-use tower comprising residential apartments, a Condo-Hotel managed by Mövenpick Hotels & Resorts, in addition to retail and restaurants along the waterfront.
IFA Hotels & Resorts has recently launched its prestigious Alabadiyah Hills resort development in Lebanon, an ultra-luxurious mountainside retreat in Bhamdoun, overlooking Beirut. Formerly on the site of a presidential palace, the 7.5 hectare project will comprise high end residential villas and apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels & Resorts.
In South Africa, IFA is involved in a joint venture at the existing Zimbali Coastal Resort. Zimbali is a 370 hectare (925 acre) tropical coastal residential and resort estate located on the North Coast of KwaZulu-Natal, 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 Lakes Golf Course Estate.
Within Zimbali, IFA Hotels & Resorts owns the exclusive Zimbali Lodge which is managed by Sun International Limited, and is developing a second international beach front hotel at the resort, in addition to a world class golf course designed by Gary Player.
IFA Hotels & Resorts is also the force behind 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 which will be managed by Mövenpick Hotels & Resorts.
Throughout the world, IFA Hotels & Resorts aims to link its resorts in Dubai, South Africa, Zanzibar, Lebanon and Portugal to new parts of the globe, such as Mauritius, Eastern Europe and the Far East. This will offer residential investors and tourist visitors alike, to follow IFA Hotels & Resorts throughout a unique network of world-class hotels, residential resorts, vacation and residence club destinations.
IFA Hotels & Resorts programme of brand acquisition and developer partnerships will continue into the future and is evidenced by the ever growing strength of product range unique to a single company within the hospitality real estate industry.
• IFA - Hotels & Resorts
• IFA - Lifestyle Membership Clubs
• IFA - Vacation Ownership
• IFA - Fractional Ownership
• IFA - Hotel Ownership
• IFA - Residences
• IFA - Travel & Tourism
This unique and wide reaching product range will enable IFA Hotels & Resorts the ability to continuously anticipate and deliver to the varying property investment and leisure needs of consumers through a multitude of socio economic and demographic groups.
For further information please contact:
Manager: Public Relations
IFA Hotels & Resorts
Melanie Maier
Tel: +971 50 640 4674
Fax: +971 4 366 4644
Orient Planet PR & Marketing Communications
PO Box 23345, Dubai, UAE
Tel : +971 4 3988901
Fax : +971 4 3988941
Email : info@orientplanet.com
Website: www.orientplanet.com
IFA Hotels & Resorts is a wholly owned subsidiary of Kuwait's International Financial Advisors (IFA), and is widely recognised as one of the world's leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean and Africa.
Throughout the world, IFA Hotels & Resorts has entered into strategic alliances and Joint Venture partnerships with companies such as Nakheel, Kingdom Hotels Investment, FPD Savills, Moreland Developments (Pty) Ltd in South Africa, and has also made strategic acquisitions in growth tourism based companies such as Cendant's Resort Condominiums International (RCI), of which IFA owns 50% of the company for the Middle East.
IFA Hotels & Resorts is in the process of listing, with the first stage being through a reverse listing of IFA Hotels & Resorts (South Africa) on the Johannesburg Stock Exchange (JSE) later this year.
In the Middle East, IFA Hotels & Resorts is the largest investor on The Palm Jumeirah, the iconic man-made island in Dubai, in the United Arab Emirates. IFA Hotels & Resorts is developing the 400-room Fairmont Palm Hotel & Resort located on the trunk of The Palm, with some 560 luxury apartments adjacent to the Hotel at the Fairmont Palm Residence. On the Crescent of The Palm, adjacent to Atlantis, IFA is developing a 1,000-key mixed use destination resort, comprising a Hotel, Vacation Club, Residences and Private Residence Club, also to be managed by Fairmont Hotels & Resorts. Elsewhere on The Palm, IFA owns two shoreline residential buildings on the trunk, Al Nabat and Al Haseer, in addition to the development of the prestigious Palm Golden Mile.
The Golden Mile development, a Joint Venture project with Nakheel, (developers of The Palm), is a US$300million development set along the heart of The Palm, the trunk, featuring in excess of 850 luxury apartments as well as 220 boutique shops and restaurants. The project stretches along a 1.5 kilometre canalside corniche, transforming it into one of the world's most unique and sought-after waterfront retail destinations.
Elsewhere in Dubai, IFA is developing the Laguna Tower, a forty-storey mixed-use tower comprising residential apartments, a Condo-Hotel managed by Mövenpick Hotels & Resorts, in addition to retail and restaurants along the waterfront.
IFA Hotels & Resorts has recently launched its prestigious Alabadiyah Hills resort development in Lebanon, an ultra-luxurious mountainside retreat in Bhamdoun, overlooking Beirut. Formerly on the site of a presidential palace, the 7.5 hectare project will comprise high end residential villas and apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels & Resorts.
In South Africa, IFA is involved in a joint venture at the existing Zimbali Coastal Resort. Zimbali is a 370 hectare (925 acre) tropical coastal residential and resort estate located on the North Coast of KwaZulu-Natal, 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 Lakes Golf Course Estate.
Within Zimbali, IFA Hotels & Resorts owns the exclusive Zimbali Lodge which is managed by Sun International Limited, and is developing a second international beach front hotel at the resort, in addition to a world class golf course designed by Gary Player.
IFA Hotels & Resorts is also the force behind 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 which will be managed by Mövenpick Hotels & Resorts.
Throughout the world, IFA Hotels & Resorts aims to link its resorts in Dubai, South Africa, Zanzibar, Lebanon and Portugal to new parts of the globe, such as Mauritius, Eastern Europe and the Far East. This will offer residential investors and tourist visitors alike, to follow IFA Hotels & Resorts throughout a unique network of world-class hotels, residential resorts, vacation and residence club destinations.
IFA Hotels & Resorts programme of brand acquisition and developer partnerships will continue into the future and is evidenced by the ever growing strength of product range unique to a single company within the hospitality real estate industry.
• IFA - Hotels & Resorts
• IFA - Lifestyle Membership Clubs
• IFA - Vacation Ownership
• IFA - Fractional Ownership
• IFA - Hotel Ownership
• IFA - Residences
• IFA - Travel & Tourism
This unique and wide reaching product range will enable IFA Hotels & Resorts the ability to continuously anticipate and deliver to the varying property investment and leisure needs of consumers through a multitude of socio economic and demographic groups.
For further information please contact:
Manager: Public Relations
IFA Hotels & Resorts
Melanie Maier
Tel: +971 50 640 4674
Fax: +971 4 366 4644
Orient Planet PR & Marketing Communications
PO Box 23345, Dubai, UAE
Tel : +971 4 3988901
Fax : +971 4 3988941
Email : info@orientplanet.com
Website: www.orientplanet.com
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