IFA unit buys land from Zanzibar to turn it into major tourist resort

IFA Hotels & Resorts — a subsidiary of Kuwait-based International Financial Advisors (IFA) — has signed an agreement with the Zanzibar government for three million square metres of land to be converted into a major tourist resort.

IFA has also purchased a private resort, the Zanzibar Beach Hotel, set on 40,000 square metres with 300 metres of prime beach.

"When the expansion plans of the resort are completed, the luxury Zanzibar Beach Hotel and Resort will represent an International Financial Advisors investment of over $50 million over the next five years — the largest tourism investment on the historic spice island to date," said Jassim Al Bahar, chairman and managing director.

"Our plan is to have the largest luxurious destination resort, employing up to 500 people, on this beautiful island."

The Zanzibar Beach Hotel and Resort will have an additional upscale beach hotel, the 150-room Al Qasar, which will feature a health spa, 18-hole golf course, golf academy, beach clubhouse, children's village, villas and a vacation club in its 300 hectares.

International Financial Advisors Hotels & Resorts aims to link the resort in Zanzibar and a future South African resort with its resort in The Palm, Jumeirah in Dubai as well as its planned resort in Lebanon and its existing hotel and resort in Portugal, the Sheraton Algarve and Pine Cliffs Resort, which is owned by an IFA consortium company.