IFA TARGETS WATERBERG FOR NEW RESORT

August 28, 2007
Kuwait-based IFA Hotels and Resorts and its JSE-listed South African subsidiary are making another multimillion-rand investment in this country - this time in the Waterberg in Limpopo. IFA is already developing the award-winning Zimbali coastal resort in KwaZulu-Natal, and has 36 percent of the Boschendal wine estate in the Western Cape, where an up-market residential development is in progress. Philip de Sylva, vice president operations for Africa and the Indian Ocean islands, said the South African company was investing R15 million and the Kuwaiti parent company R90 million in a joint venture company, expected to be called IFA and Legends Development. They would carry out a development known as Legend Golf and Safari Resort in the Waterberg. - Audrey D'Angelo, Cape Town