Raimon partner IFA in tie-up with Nakheel for 2 sheba projects

In January 2007, Raimon Land entered into a similar strategic partnership with IFA HR in exchange for a 24.9-per-cent stake in the firm.

That move was aimed at fortifying investor confidence and increasing its purchasing power.

Raimon Land's position as a premium residential developer with successful, high-quality, luxury condominium projects, including The River in Bangkok and Northpoint Pattaya, fit perfectly into IFA HR's line-up of investments. The new Nakheel-IFA HR resort, located on the Crescent of Palm Jumeirah in Dubai, will be an extension of the Kingdom of Sheba and is valued at about US$1 billion (Bt32.9 billion).

Nakheel's portfolio also includes Dubai's Palm islands and The World.

Talal Jassim al-Bahar, chairman and managing director of IFA HR, yesterday said the company was very pleased to be partnering with Nakheel on the new project.

"The company has experienced a great relationship with Nakheel during the past five years on our successful projects on the island and specifically on The Palm Golden Mile where an existing JV partnership exists," he said.

The two sites cover 1.01 million square feet, with a built-up area of 1.92 million square feet.

Nakheel is one of the world's largest privately held developers and a key player in realising the vision of Dubai for the 21st century.

Nakheel's portfolio extends across a range of sectors including residential, commercial, hotels, retail and leisure and includes the iconic and internationally acclaimed waterfront developments of Palm Jumeirah, Palm Jebel Ali, Palm Deira, The World and Waterfront.

In addition to the Kingdom of Sheba, IFA HR's other investments and projects on Palm Jumeirah include the Palm Residence (Al Nabat & Al Haseer), Fairmont Palm Hotel and Resort, Fairmont Palm Residence, The Palm Golden Mile and the Kingdom of Sheba mixed-use resort.

The company is developing in excess of 3,500 rooms, villas, condominiums and houses on the island.