IFA Hotels and Resorts, a subsidiary of International Financial Advisors (IFA), Kuwait have announced the recent agreement entered with Nakheel for the purchase of 150,000 sq m on the crescent at Palm Jumeirah at a cost of $42m.

IFA plans to construct a $200 million luxury mixed use hotel and resort consisting of up to 1,000 rooms on the property that will have a beach frontage of 750 m.
A spokesman for IFA said that it was in the process of selecting an international hotel company to operate the property and this will be announced in the near future. The location of IFA’s second resort on the Palm will be adjacent to the 2,000 room Atlantis, The Palm – a resort and water theme park located at the centre of The Palm Crescent, Jumeirah – at an estimated cost of $1 billion and featuring a marine habitat, marina, themed water attractions.
Recently, IFA Hotels & Resorts entered into a joint venture with The Palm developers Nakheel, for the development of two niche market shopping complexes – Souq Palm – and freehold residences – The Palm Residence Souq – covering 60,000 sq m on the trunk of The Palm Jumeirah. The complex will overlook a 1.5 km canal side Corniche to be called ‘The Golden Mile,’ which will transform it into one of the world’s most sought-after corniche-style shopping destinations. The joint venture’s shopping and residential complex will cost $300 million and will cover 780 luxury apartments as well as 220 boutique shops and restaurants.
International Financial Advisors (IFA) is listed on the Kuwait Stock Exchange with a market capitalisation of $1 billion. IFA heads a consortium of several leading Kuwaiti and international companies including; Kuwait Real Estate Company (KREC), International Finance Company (IFC) and United Investments Portugal (UIP).
Jassim M Al Bahar, chairman and managing director of IFA, said: “IFA’s new project further implements our policy of providing first class multi use resorts. This new resort on the Palm crescent compliments  IFA’s 1,200-room Hotel and Vacation Club resort on the Palm Jumeirah trunk, adjacent to the Souq Palm – the joint venture between Nakheel  and IFA – as well as the 246 luxury shoreline apartments facing Burj Al Arab on the six kilometre trunk. This latest addition will offer tourists, as well as property owners/timeshare owners, a variety of choices on the trunk and on the 11 km Palm Crescent by IFA Hotels & Resorts.”