DUBAI, 15 February 2004 — Kuwait’s International Financial Advisers (IFA) signed yesterday a joint venture deal with Dubai property developers Nakheel to construct a $300-million shopping and residence complex on the emirate’s colossal man-made island The Palm Jumeirah.
The complex will include 220 “boutique” shops and restaurants as well as 750 apartments along the trunk of The Palm, the first of two palm tree-shaped islands being built off the city state on reclaimed land.
The Souq Palm and residence will cover 60,000 square meters (645,600 square feet) on the trunk overlooking a 1.5-kilometer (one-mile) waterside coastal road to be called “The Golden Mile.”
It is the fourth major investment in the Palm for the IFA-led consortium of several Kuwaiti and international firms.
IFA’s Hotels and Resorts subsidiary already has invested in a resort which will include the five-star Palm Hotel and Resort with 300 rooms, the 460-suite Palm Vacation Club, and Palm Residence with 246 shoreline apartments.