The Chairman & Managing Director of International Financial Advisors, (IFA), Kuwait, Jassim M. Al-Bahar announced that following a visit to Mauritius in July 2004 during which a meeting was held with the Prime Minister of Mauritius…
The Chairman & Managing Director of International Financial Advisors, (IFA), Kuwait, Jassim M. Al-Bahar announced that following a visit to Mauritius in July 2004 during which a meeting was held with the Prime Minister of Mauritius followed by a further meeting during the State visit this week in Kuwait of the Prime Minister of Mauritius and his delegation resulting in a decision by the IFA Consortium to invest in a major resort on the island of Mauritius, to be developed by IFA Hotels & Resorts at a cost of approximately $100 million. In this respect a Memorandum of Understanding will be finalised with IFA and the Government of Mauritius.
In IFA’s agreement with the Government of Mauritius IFA will acquire a major property to establish a resort consisting of an internationally operated hotel, villas, townhouses and a golf course. The resort will be one of the leading new resorts on the island that allows foreigners to purchase land and property in Mauritius thereby:
- Capitalising on the opportunity for foreigners and locals to purchase land and property within the resort and to benefit from the right of permanent residency
- To create a resort which will match or surpass competitive destinations, providing the best in Five Star accommodation and golf facilities within an Integrated Resort Scheme.
- To develop a project that will be reflective of Mauritius diverse history thus exposing locals and tourists to its wealth of cultural influences and attractions, recognising its history and generating positive community involvement and economic benefit.
The luxury resort will provide the opportunity to buy into one of the world’s most exclusive and prestigious destinations, and will include:
- A fully integrated Five Star hotel and residential resort under the IRS scheme, including:
- Five Star Vacation Club suites, integrated into a five star boutique hotel
- Entertainment complex including retail facilities
- Townhouse and apartments to be sold under the IRS scheme
- Golf and Country Club including a golf course and driving range and clubhouse
- 750 freehold properties, including villas, townhouses and apartments
The Chairman and Managing Director of IFA commented “when the plans of the resort are completed, the luxury complex will represent an investment of over $100 million – the single largest tourism investment into the island to date. Our plan is to have the largest luxurious destination resort, employing up to 1000 people, on this beautiful island”
IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA). IFA is listed on the Kuwait Stock Exchange with a market capitalization of US $1 Billion. The depth and strength of the group places it in the forefront of companies engaged in the development of tourism projects, hotels and resorts in Europe, the Middle East and Africa. It is the force behind the management of the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort in Portugal; part of Starwood’s Luxury Collection, The Zimbali Coastal Resort, South Africa and behind the planned luxury Zanzibar Beach Hotel and Resort – the largest destination resort on the historic spice island.
James Wilson President of IFA Hotels & Resorts, Kuwait and South Africa commented that “with the Mauritius Cabinet agreeing to the grant of 5th freedom air traffic rights on the South Africa Sector to the designated airlines of India and Australia in the first instance, this measure will generate a positive spin-off for Mauritius and South Africa as it would lead to the country becoming a gateway to South Africa. Furthermore, a new segment of tourists consisting of visitors combining Mauritius and South Africa in one trip would be created originating in India, Southeast Asia and Australia. We see these proactive moves as a further consolidation and move in the right direction to link IFA resort investment plans in Zanzibar, Zimbali, KZN South Africa and Mauritius with the Middle East and Europe. We look forward to positive announcements relative to the new Durban International Airport (La Mercy) and hopefully we will see regular direct flights from Middle East, Europe and Mauritius to Durban, Kwa Zulu Natal, South Africa.
IFA anticipates strong Middle East demand to Mauritius especially from the Gulf. The island is already an established and attractive destination for European tourists with a number of world class five star resorts and the island is connected to the Middle East with regular direct flights from the Gulf.
It is the aim of IFA Hotels & Resorts to link the resort in Mauritius with its resorts in Palm Jumeriah Dubai, Zimbali Coastal Resort, South Africa, Zanzibar Hotel & Resort, its planned resort in Lebanon and the existing hotel and resort in Portugal, the Sheraton Algarve and Pine Cliffs Resort, which is owned by one of the companies in the IFA consortium, United Investments Portugal thereby offering tourists in Europe, Middle East & Africa a unique network linking IFA’s respective hotels, resorts and vacation club destinations”
IFA’s Chairman & Managing Director, Jassim M. Al-Bahar, expressed his appreciation for the confidence and support shown by the Government of Mauritius in IFA’s investment plans for Mauritius.
The decision by IFA to invest represents a further implementation of its strategy on tourism. Furthermore IFA’s decision to invest in tourism in Mauritius was encouraged by the Government’s vision and proactive approach in positioning the island’s tourism industry and in the investment incentives targeted at international tourism developers and hotel groups, provided by the Government of Mauritius.
We are delighted and welcome IFA investments as this investment is in line with the Governments policy of diversifying the Mauritian tourism product and of attracting high net worth individuals into the country stated a senior Government official
The meetings between IFA and the Government of Mauritius came about as a direct result of Dr Ahmed Swaley Kasenaly, Special Advisor to the Prime Minister of Mauritius proactive efforts in attracting Middle East investment and in inviting the Chairman of IFA to visit Mauritius earlier this summer. Also attending the meeting was Saleh Al Selmi, Deputy Chairman IFA and James Wilson, President IFA Hotels and Resorts and senior Government of Mauritius officials.
Jassim M. Al-Bahar, Chairman & Managing Director of IFA concluded his statement by saying “IFA’s investments in Mauritius represent the implementation of IFA’s strategic objectives of investing in tourist resorts in Middle East, Europe, Africa and the Indian Ocean”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
