International JV Plans Massive Resorts

DUBAI, UAE-Kersaf Investments Group and Sun International of South Africa and International Financial Advisers of Kuwait are joining forces to develop two resorts on Dubai’s giant Palm Jumeirah Island–the billion-dollar, 2,000-room Atlantis and another 1,000-room resort costing $200 million–and a mixed use hotel and club resort north of Durban, South Africa. The agreement also covers other potential projects in the Middle East, Africa and Indian Ocean, including the Maldives.

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.