"Rising Dubai land values helped the Kuwaiti resort developer IFA Hotels & Resorts almost double the value of its investment portfolio during the first quarter of the year.
The company, which owns the recently opened Fairmont on the trunk of the Palm and the under- construction Kingdom of Sheba hotel on the crescent, said the value of the resorts it owns increased from 30.5 million Kuwaiti dinars (Dh391m) to 59.8m dinars in the year to the end of March.
IFA said the increase had been driven by a revaluation gain of 19.9m dinars of its property in Dubai and Portugal and by the reclassification of the soon-to-be-completed Kingdom of Sheba as an investment property rather than a work in progress at a value of 8.8m dinars."
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