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Saudi Riyal Banknotes showing King Salman of Saudi Arabia. Image used for illustrative purpose. Getty Images
Switzerland-based hotel firm Aman Group is looking to secure $2 billion in fresh capital to fund its global expansion efforts.
The luxury hospitality brand, into which Gulf wealth funds and other investors ploughed approximately $1.3 billion over the last three years, intends to use the money to deliver more hotels across the Middle East and Africa, according to Bloomberg.
The company is developing 23 hotels and hopes to expand Aman Residences, which offers properties around the world targeting affluent buyers who want to live a hotel-like lifestyle.
“We are working to expand the brand and we’re working with different investment funds and in negotiation with a few different groups,” Aman CEO Vladislav Doronin told Bloomberg.
In 2022, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and UK-based property investment firm Cain International invested $900 million in the hospitality group.
In 2023, the company secured $360 million from Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund Mubadala Investment Company, and private equity fund Alpha Wave Ventures. Alpha is co-run by Alpha Wave Global and Chimera Capital, a division of Abu Dhabi’s Royal Group, which is chaired by Sheikh Tahnoun bin Zayed Al Nahyan.
(Writing by Cleofe Maceda; editing by Seban Scaria)
