Durban — IFA Hotels & Resorts (IFA), the JSE-listed Kuwait-based group that develops mixed-use resorts worldwide, has entered the Namibian hospitality market through a R550m joint venture with the Ohlthaver & List (O&L) group.

International luxury hospitality partner Kempinski Hotels will operate the four hotel properties that will initially constitute the joint venture. The venture was announced at a ground-turning ceremony at the Zimbali Coastal Resort yesterday, which is jointly owned by IFA and Tongaat-Hulett’s Moreland Developments.

Last year, IFA announced the R1,8bn Fairmont Zimbali property initiative, which will include a Fairmont Zimbali five-star hotel, a Gary Player signature golf course and country club, an international Willow Stream Spa, and a range of residential and investment real estate ownership opportunities.

IFA is the largest private investor in Dubai’s man-made Palm Jumeirah Island, and also owns investments in a portfolio of luxury properties in Portugal, the UK, Zanzibar, Lebanon, Kenya and SA.

Construction of the Fairmont Zimbali Hotel and segments of the resort are expected to be completed in the first quarter of 2009.

IFA Africa and Indian Ocean development vice-president Wessel Witthuhn expected a “smooth and professional building period”. Environmental impact studies had been undertaken to ensure the coastal forest and dune life were preserved.

The O&L group in Namibia has interests in food production, fishing, beverages, farming, retail trade, IT, property development, leisure and hospitality, marine engineering, and the service sector.

The joint venture hotels to be redeveloped are operated within the Namib Sun portfolio. Further residential and retail opportunities involving these properties would be assessed and might be integrated with the adjoining hotels. IFA president and chief operating officer Werner Burger said O&L would provide opportunities “for our company to expand further into this growing market”.