Dubai - Kuwait's International Financial Advisers (IFA) and the Kersaf Investments Group and Sun International announced at the weekend that they had signed an agreement to develop billion-dollar resorts in Dubai, Zanzibar and South Africa.

The resorts will be operated under the brand of Sun International, which will provide management services.

IFA acquired a 50 percent interest in the Zimbali Coastal Resort, north of Durban, last year and planned to develop a mixed-use hotel and club resort.

Two resorts would be built on Dubai's giant Palm Jumeirah Island - the billion-dollar, 2 000-room Atlantis and a 1 000-room resort costing $200 million (R1.3 billion).

And a 200-room hotel and resort with golf course will go up in Zanzibar. Other potential projects in the Middle East, Africa and Indian Ocean, including the Maldives were planned, a statement said.

The agreement was signed in Dubai by IFA chairman Jassim al-Bahar and Peter Bacon, chief executive of Sun International and Kersaf Investments.

"IFA's alliance with Sun International will add tremendous value to our global network and presents an experienced and world-class partner to develop various projects in the Middle East and Africa," said Bahar. 

"This latest alliance by our group is a further reflection of our positive outlook at the pace in which tourism in Dubai and Africa is developing."

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 with a market capitalisation of $1 billion.

Sun International, which boasts a portfolio of 22 hotels, forms the major part of the Kersaf Investment Group, which is listed on the JSE Securities Exchange and has a market capitalisation of R3.5 billion.

The multibillion-dollar Palm Jumeirah resort boasts giant fronds surrounded by 12km of protective barrier reefs and will add 120km of sandy beaches to the coastline of Dubai.

The Gulf emirate has ambitious plans to attract 15 million visitors by 2010 and 40 million by 2015, compared with about 5 million in 2003.