Kuwait – Mubasher: IFA Hotels and Resorts is expected to develop its new project in Dubai’s Palm Jumeirah in 2017.

The chairman Talal Jassim Al Bahar said that the company’s main strategy is represented in risk reduction through the diversification of earning sources and the geographical distribution of assets, according to Alanba newspaper on Tuesday.

Al Bahar said that the establishment of the first Yotel hotel on Sheikh Zayed road in Dubai started on May 2016, and the inauguration is expected to be in 2018.

The Kuwait-listed company opened its newest hotel in Charles de Gaulle Airport in Paris, Al Bahar added.

He highlighted that the company’s portfolio played a significant role in enhancing its services, operations, and operational capacity, indicating to the great advance the company achieved in South Africa by submitting the units of its project “Zimbali Suites”.

On Tuesday, IFA Hotels’ general assembly was held, and approved the board’s proposal of not to distribute dividend of 2016.

IFA Hotels and Resorts achieved profits of KWD 726,710 in the first quarter of 2017, against losses of KWD 2.05 million in Q1-16.