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Develop Luxury Hotels & Vacation Club Resorts on Palm Island-Dubai-UAE �Dubai-one of
the worlds fastest growing business
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19th June 2002-Dubai - Kuwait-based
International Financial Advisors (IFA) consortium has signed a deal to
build resorts on the Jumeirah Palm project, (palmisland.co.ae) acquiring
three resort sites (1,000,000 Sq Ft) at a cost of $45 million. IFA is a
consortium of Kuwaiti Real Estate Company (KREC), International Finance
Company (IFC) of Kuwait and United Investments Portugal (UIP).
The idea of Palm Island was conceived in 1996 by His Highness General Sheikh Mohammed bin Rashid Al Maktoum. Crown Prince of Dubai as a solution to create tourism components for the rapidly growing Dubai market. The Palm island project consists of a development in the shape of palm tree, the trunk of the palm features a retail and entertainment village with large anchor hotels, each with its own marina, as well as shoreline luxury apartments. The branches of the Palm will encompass an exclusive gated residential community for 1000 families. The crescent barrier island surrounding the fronds contains the 38 hotels each with its own theme and 11kilometres of beach and is in fact a barrier reef. The contract was signed by Palm Island Chairman Dubai's Ports, Customs and Free Zone Corporation (PCFC) Chief Executive Sultan Ahmed bin Sulayem and Jassim M Al Bahar-IFA Chairman/ Managing Director & Chairman/CEO of United Investments Portugal ET SA, at the Palm headquarters in Dubai. United Investments Portugal (UIP) is engaged in the creation of world class resorts and building on the success of United Investments Portugal Pine Cliffs Resort, Palm Island will add to its vision of creating a network of leading five star resorts in Europe and the Middle East, catering for the European and Gulf tourist market. The Dubai resorts will be managed and operated by international five star hospitality and vacation club management companies and will be designed by international hospitality architects. United Investments Portugal
is the owning company of the Pine Cliffs Resort, Algarve, Portugal (pinecliffs.com),
which is managed by Starwood Hotels & Resorts Worldwide, Inc., one
of the leading hotel and leisure companies in the world with more than
740 properties in more than 80 countries. Pine Cliffs Resort comprises
700,000 sq metres of cliff top land, overlooking a 2 kilometre beach and
includes an Andalucian styled 215 room hotel-The Sheraton Algarve is one
Starwood�s Luxury Collection Hotels. Pine Cliffs Resort includes a Pine
Cliffs Vacation Club and a wide range of facilities for families, golf
course, beach and the resort accommodations include Townhouses, Apartments
and detached four bedroom villas. Pine Cliffs Vacation Club is affiliated
to RCI (rci.com) for provision of exchange facilities to its members.
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James Wilson
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