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Nakheel and Kuwait firm in Palm project venture
Nakheel, developers of The Palm, and IFA Hotels & Resorts, a subsidiary of International Financial Advisors (IFA) of Kuwait, have signed a joint venture agreement to develop a major shopping complex - Souq Palm - and freehold residences - The Palm Residence-Souq - covering 60,000 square metres on the trunk of The Palm Jumeirah.
The complex will overlook a 1.5 kilometre waterside corniche along the canal to be called 'The Golden Mile,' which will transform it into one of the world's most sought-after Corniche style shopping destinations and be a major attraction to residents and visitors to Dubai.
The joint venture's shopping and residential complex will cost $300m and will cover 750 luxury apartments, 220 boutique shops and restaurants along the trunk of The Palm, Jumeirah.
This is the fourth major investment in The Palm, Jumeirah by the IFA consortium resulting from the close business and marketing relationship between IFA and Nakheel.
The IFA consortium is composed of several leading Kuwaiti and international companies including; Kuwait Real Estate Company (KREC), International Finance Company (IFC) and United Investments Portugal (UIP). International Financial Advisors (IFA) is listed on the Kuwait Stock Exchange with a market capitalisation of US$1 billion.
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