The residences, which are being developed by Kuwait-based IFA Hotels & Resorts, will comprise 580 luxury apartments, townhouses and villas for about 2,000 residents as well as underground parking and related entertainment facilities. Project costs are estimated at about $200 million. The hotel element, being developed by a joint venture of IFA and Saudi Arabia’s Kingdom Hotel Investment Group, is also valued at about $200 million and covers the construction of a 400-room luxury resort.

Work on both projects is due to be completed by 2008. The UK’s Mace Internationalis the project manager (MEED 11:11:05).