Kuwaiti developer IFA Hotels & Resorts has made more than $100m in sales in the Middle East and North Africa region during the first six months of the year despite pressures from the global downturn, its president has said.

'This is a unique achievement given the global downturn in the real estate sector,' Werner Burger, the firm’s president and COO said.

The company said prices of its Dubai property had risen during the last six months, running counter to general house prices in the emirate which have fallen by 50% since their peak in 2008.

arabianbusiness.com