Kuwaiti “IFA” sells the company that owns “Fairmont The Palm” for 1.2 billion dirhams

Kuwait International Financial Consulting Holding Company (IFA) said today that its “associate” company (IFA Hotels and Resorts) has agreed to sell its subsidiary, IFA Hotels and Resorts (Cayman Islands), which owns the “Fairmont The Palm” hotel, for 100 million dinars ( $324.03 million), or about 1.2 billion dirhams.

IFA explained in a statement to the Kuwait Stock Exchange that the buyer is an investment fund managed by Arzaq Investment Management Company – United Kingdom, expecting to make a profit from the deal amounting to 8.5 million Kuwaiti dinars.