The Timeshare Beat Home | Today's Headlines | Back to Previous Page
|
The Timeshare Beat Home | Today's Headlines | Back to Previous Page |
|
|
|
Press Release: IFA Hotels & Resorts
October 22, 2004
KUWAIT -- Dubai is witnessing an increase in inbound tourism from Russia with figures released by the Department
of Tourism Commerce Marketing (DTCM), Government of Dubai showing some 160,000 Russian tourists visited the emirate
in the first half of this year - an increase of 10% on the same period in 2003.
DTCM figures also show a 33% rise in the number of Russian and CIS tour operators now featuring Dubai in their
destination programmes.
And some leading Dubai hoteliers say they have seen a double-digit rise in Russian occupancy so far this year,
compared to the first six months of last year, some citing a total rise of about 40 % over the past year in inbound
tourism from two key markets - Russia and Iran.
Increasing demand for Dubai from Russian and CIS tourists has now led the emirate's leading property developers
to step up their efforts to attract Russian investors to their projects.
"We have already had some success with Russian buyers but given the increasing profile of Dubai in the Federation,
we are now intensifying our efforts to win Russian investment," explained Bassam El Khoury, Marketing Director,
IFA Hotels & Resorts, the company which is the largest investor on Dubai's prestigious The Palm, Jumeirah offshore
island.
"We are now mounting a major push on the market at this week's Domexpo real estate exhibition in Moscow when
we will also be looking to recruit Russian real estate agents to represent us in this lucrative market. The increasing
appeal of Dubai within Russia is evidenced that to date, there are some 15 flights a week from Moscow's new state-of-the-art
Domodedovo airport to the emirate and some eight airlines, including the award-winning Emirates flying from Russia
to Dubai International."
IFA Hotels & Resorts, a subsidiary of Kuwait's International Financial Advisors (IFA), will be actively promoting
its flagship Golden Mile project at Domexpo as well as its South African eco-destination, the Zimbali Coastal Resort.
The world-class luxury Golden Mile residential and retail destination, a joint venture with The Palm, Jumeirah
developers, Nakheel, covers 60,000 square metres of the iconic island with luxury apartments and town houses and
upscale retail units.
"With a recent business survey showing that Moscow boasts more billionaires than any other city in the world,
we believe it will be a fertile market for what is undoubtedly the most important residential development in the
world today," said El Khoury.
"What will differentiate us from other major international developments chasing the same investors, is the
sheer quality of our project, its full-service, valued-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.
"The all-in-one package is proving a decisive factor due to the fact that international clients are seeking
a low risk and managed investment, which should deliver capital appreciation and returns from our comprehensive
short-term and long-term property rental and reservation system," said El Khoury.
Within 24 hours of the launch of the first phase of Golden Mile waterfront apartments last May, over half the properties
were sold.
"These properties represent excellent value offering fabulous waterfront views from a destination on one of
the eighth wonders of the world," said El Khoury.
Prices for Golden Mile apartments range from US $400,000 for a one-bedroom, garden-view unit to US $850,000 for
high-end waterfront three-bedroom properties and are available through a financing package for freehold buyers
offered by Tamweel, a Dubai-based financing institution.
Though IFA believes Russian buyers will invest in Dubai for holiday homes, it is confident the South African market
will be seen as a keen investment platform delivering high resale returns.
"According to the 'Worldwide House Prices Indices' South African property prices are delivering the world's
biggest annual returns," said El Khoury.
"The 22.7% year-on-year increase in South African property prices over the past five years can be attributed
to low interest rates, the emergency of a rapidly growing middle class and the longest period of uninterrupted
economic growth in half a century."
IFA Hotels & Resorts has committed to invest US $100 million over 10 years to develop over seven million square
metres in Zimbali, which is a joint venture with Moreland Developments, one of South Africa's leading land developers.
"Two years ago, we analysed the market and came to the conclusion that South African property prices were
undervalued and hence there was an opportunity to invest," said El Khoury.
"Our first and second phase sales of Zimbali residential sites have surpassed our expectations. Prime beach
front sites have increased in value over 500% in five years, proving an excellent investment for property owners."
ABOUT IFA HOTELS & RESORTS - www.ifahotelsresorts.com
IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA), with
expanding tourism interests spanning Europe, the Middle East and Africa.
The depth and strength of IFA places it in the forefront of companies engaged in the development of tourism
projects, hotels and resorts in Europe, the Middle East and Africa.
In the Middle East, IFA Hotels & Resorts is the largest investor in The Palm, Jumeirah, a man-made island offshore
Dubai in the United Arab Emirates. Its portfolio includes: The Fairmont Palm Hotel & Beach Resort with 300
rooms and the five-star Fairmont Palm Vacation Club on the island's trunk; and the 1,000 room five-star Palm Hotel
and Vacation Club on the island's crescent. IFA Hotels & Resorts is also behind The Palm Residence and Palm
Golden Mile with more than 1,000 apartments.
The Golden Mile development, a joint venture with Nakheel, developers of The Palm, includes a shopping and residential
complex which will cost US$ 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. 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 sales@ifahotelsresorts.com Portugal IFA Hotels & Resorts PR Teresa Chatillon Tel: +351-289-500106 Fax: +351 289-501795 tchatillon@pinecliffs.com Dubai IFA Hotels & Resorts PR Jonathan MacPherson, MCS/Action FZ LLC Tel: +9714 390 2961 jonathan.m@actionprgroup.com South Africa IFA Hotels & Resorts PR Melanie Roberts Tel: +27-82 378 7486 maier@telkomsa.net