Palm mall work to start in 2004

19 December 2003
Work on the Souk Palm shopping and apartment complex on Palm Jumeirah is due to start in the summer of 2004, says George Khoury, vice-president for design and development at IFA Hotels & Resorts. The Kuwait-based firm is developing the complex and two other major projects on Palm Jumeirah in a $500 million investment programme. Souk Palm, designed by HHCP Design International, will comprise a 20,000-square-metre shopping mall plus 200 freehold apartments on a site on the trunk of the island. Plans call for the project to be completed in 2006 (MEED 24:1:03).

HHCP has also completed the designs for the Palm Hotel & Vacation Club resort, which will comprise a 300-room, five-star hotel and 460 suites. This is to be built on a site next to Souk Palm. IFA Hotels & Resorts has appointed Resort Condominiums International (RCI)to manage timeshare services for the resort. IFA Hotels & Resorts president James Wilson says that the firm will announce the name of one of three firms shortlisted for the contract to provide five-star management services for the resort in early 2004.

The third Palm Jumeirah project being implemented by IFA Hotels & Resorts is the Palm Residence Club. This comprises 248 apartments with a beach club. Wilson says 55 per cent of the apartments have already been sold.

IFA Hotels & Resorts is a division of International Financial Advisors (IFA), a joint stock investment firm listed on the Kuwait Stock Exchange (KSE). Other tourism and leisure projects being pursued include the $50 million, five-star Al-Qasr Hotel in Zanzibar and it has a $10 million, 50 per cent stake in the existing Zimbali beach resort in South Africa. The chairman of the IFA group is Jassim al-Bahar.

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