IFA, which has resorts in South Africa, Portugal and Zanzibar as well as projects in Lebanon and Dubai, is listed on the Kuwait stock exchange. Kersaf, a hotel and casino operator listed on the JSE Securities Exchange, owns about 60% of Sun International.
One of the Palm island resorts will offer timeshare ownership, a first in the UAE. The Zanzibar project will include a 200-room hotel and resort with golf course. The Durban-area project is part of the Zimbali Coastal Resort, which IFA acquired a 50% interest in last year. IFA's total investment in Dubai exceeds $850 million. All of the resorts will be operated under the Sun brand, and Sun will provide management services at the resorts.
The Gulf emirate hopes to attract 15 million visitors by 2010 and 40 million by 2015, compared with about 5 million in 2003.
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