A Kuwaiti real estate developer is aiming to bring a slice of Miami to Palm Jumeirah.
The Kuwait-listed IFA Hotels and Resorts is releasing a sixth of its off-plan residences for sale on its latest Palm Jumeirah west crescent project inspired by the beachfront facilities of the American Gold Coast.
The Dh1 billion, eight-storey mixed-use development will eventually feature 300 units, which include two and three-bedroom apartments, townhouses and penthouses.
These units will have a furniture collection designed by the luxury home furnishing company Kenzo Maison.
The prices start at Dh3 million for two-bedroom apartments, and Dh4.4m for three-bedroom units.
The residential resort is due to be completed by 2016.
Yesterday, IFA released about 50 apartments, most of which are two and three-bedroom units.
The plot is right next to the one earmarked for IFA’s Kingdom of Sheba complex, which will also feature a residential component called the Balqis Residence.
JLL said last month that the current Dubai property market was “smarter” than during the 2008 bubble when prices collapsed.
More cautious investors, better regulations and the phasing of projects in line with demand were among factors cited.
There will also be one, two and three-bedroom hotel apartments besides a presidential suite.
Called The 8, the residential resort will feature water sport rental facilities, a gym, tennis courts, a beachfront restaurant, beach cabanas, barbeque and children’s areas and a family pool.
“We are building a destination,” said Khaled Esbaitah, the chief executive of IFA Hotels and Resorts.
Pre-launch registration began in Dubai and Kuwait yesterday. A booking event is scheduled at Fairmont The Palm on March 22.
Despite the resumption of a number of projects, the developer says there is investor demand.
“Although 45,000 new residential units are scheduled for completion in Dubai by the end of 2015, only 4 per cent of these are on the island,” said Talal Al Bahar, the chairman and group chief executive of IFA Hotels and Resorts.
The residential market is expected to grow this year, but at a lower rate of growth than last year “as the price increases seen in 2013 are felt to be unsustainable”, according to a Jones Lang LaSalle report last month.
Last month, the master developer Nakheel launched 504 apartments in its Palm Tower, a 50-storey development on the trunk of the Palm.
The southern neighbourhoods of Dubai such as Dubai World Central and areas close to Al Maktoum Airport are expected to experience the most growth, according to Jones Lang LaSalle.
Dubai authorities have adopted a series of measures to combat the risk of overheating in the property market while new rules have also been introduced to limit lending.
In October, the UAE Central Bank ruled that a UAE national borrower could get a loan of up to 80 per cent of the value of a property for homes valued at Dh5 million and below.
That fell to 70 per cent of the value of the home for more expensive properties.
For the second house, they would be eligible for a loan of 65 per cent of the value of the property. Expatriates are allowed to borrow as much as 75 per cent for properties valued under Dh5m, falling to 65 per cent for more expensive homes.
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Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
On the menu
First course
▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water
▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle
Second course
▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo
▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa
Third course
▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro
▶ Lamb 2 ways Braised lamb, crispy lamb chop, bulgur, physalis
Dessert
▶ Lumi Black lemon ice cream, pistachio, pomegranate
▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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