Business | Tourism
IFA to develop $450m project with Indian Ocean Resorts in Seychelles
IFA Hotels & Resorts, one of the biggest investors on Dubai's Palm Jumeirah, said it will develop a $450-million project in the Seychelles in its first venture in the Indian Ocean nation.
- By Shakir Husain, Staff Reporter
- Published: 23:05 August 5, 2007
Dubai: IFA Hotels & Resorts, one of the biggest investors on Dubai's Palm Jumeirah, said it will develop a $450-million project in the Seychelles in its first venture in the Indian Ocean nation.
The Kuwaiti-listed firm will develop the tourism and real estate project on the 480 acre Ste Anne island in an equal partnership with Seychelles-based Indian Ocean Resorts Ltd.
An IFA spokesman said the company will finalise the development plan in the next three months. He said an operator for the hotel and other properties will be appointed in a month's time.
Named "Zilwa," which means "islander" in the local Creole language, the project will have a five-star hotel, serviced apartments and villas.
"Zilwa is the prefect addition to our portfolio. This follows our strategy of expanding and linking our integrated resorts in Africa and the Indian Ocean region," IFA president and chief operating officer Werner Burger said in a statement.
IFA is involved in several tourism projects in the Middle East and Africa.
Its project portfolio in Dubai includes the 400-room Fairmont Palm Hotel & Resort, the 860-apartment Palm Golden Mile development, and the 1,000-unit Kingdom of Sheba hotel and residence project on the Palm Jumeirah.
IFA is also one of the biggest investors in South Africa's KwaZulu-Natal province.
It is in the process of finalising new tourism projects in other areas of South Africa.
"There will be more announcements in South Africa soon and we will carry on developing within the African market itself," the company spokesman told Gulf News.
IFA has also invested in Kenya, Namibia and Zanzibar.
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