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SHUAA Capital Saudi Arabia (‘SCSA’) announced the construction and fitting works on the Centro Shaheen Jeddah Hotel has finished, with the property having been handed-over to the Rotana Hotel Management Company to begin operations.
“This is an important day for SHUAA in Saudi Arabia. After many years of work, we have handed over our first property. We are proud of our achievement and we are certain Rotana and the management team will enjoy every success in the operation and management of the property,” said Abdulrahman Al-Hareb, Chairman of SHUAA Capital.
The Centro Shaheen hotel is the first of a series of three hotel properties that SCSA has been constructing and developing as part of the SHUAA Hospitality Fund I. The other two hotels, Dammam Rayhaan and Riyadh Centro, are due for hand-over in the next twelve months.
The SHUAA Saudi Hospitality Fund I is a Shariah-compliant, close-ended real estate investment fund launched in August 2008 and established in partnership with Rotana Hotel Management Company. The committed capital for the SHUAA Saudi Hospitality Fund I is US$ 145 million (SR 535 million). SHUAA Saudi Hospitality Fund I owns direct or indirect interest, through SCSA managed sub-funds, over the three aforementioned properties. SCSA, in its capacity as fund manager, had arranged and secured a Murabaha facility with Banque Saudi Fransi for each property.
“We are encouraged by the upturn in business travellers coming to Jeddah. Now that our doors are open, our property is well positioned to cater for the increased demand especially as we are so conveniently located, close to many local attractions as well as the international airport. This is our first delivery from our Saudi Hospitality Fund and the remaining two properties in Riyadh and Damman are due for completion by the end of 2017,” added Abdulelah Al Shaikh, Chairman of SHUAA Capital Saudi Arabia. “Our firm has long built this niche investment platform in Saudi Arabia that targets the hospitality sector. By handing over the keys to Centro Shaheen, we have demonstrated commitment to our investment strategy and our shareholders. We are grateful for their long-term patience and we now look forward to capitalising on the growing demand by businesstravellers for good, quality hotels.”
The 252-room Centro Shaheen hotel is situated in the heart of Jeddah’s central district. It is a business hotel built to meet the demands of the new generation of travellers. The rooms and general amenities are geared towards the needs of the travelling executive. The hotel has an all-day dining restaurant, gym, meeting rooms and valet parking. It is conveniently located on Al Madina Road and is close to Haifaa Mall and other major commercial centres. The Jeddah Corniche is five minutes’ drive and the King Abdulaziz International Airport is only 20 minutes away.
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About
SHUAA Capital psc offers client-centric, fully integrated financial services. SHUAA, headquartered in Dubai, United Arab Emirates, services corporate and institutional clients as well as family businesses and high-net-worth-individuals with expertise in the areas of asset management, investment banking advisory services, capital markets and credit. SHUAA was established in 1979 by Emiri decree No. 6. SHUAA is a public shareholding company, regulated as a financial investment company by the UAE Central Bank, and its stocks are listed on the Dubai Financial Market. www.shuaa.com
About
SHUAA Capital Saudi Arabia focuses on acquiring and developing prime land and real estate in areas with strong long-term growth prospects and supply-constrained market dynamics. The SHUAA Saudi Hospitality Fund I is a Shariah-compliant close-ended real estate investment fund launched by SHUAA Capital Saudi Arabia in August 2008 under the laws and regulations of the Kingdom of Saudi Arabia. The Fund is offered as a private placement and regulated by the Saudi Capital Market Authority (CMA), in accordance with the Real Estate Investment Funds Regulations. The SAR 535 million Fund is managed by SHUAA Capital Saudi Arabia while the hotels in the Fund’s portfolio are operated by Rotana Hotel Management Company.
For further information please contact:
Brunswick Gulf
+971 4 446 6270
shuaa@brunswickgroup.com
Or contact SHUAA Capital’s Corporate Communications department at:
+971 4 3651 872
ccdesk@SHUAA.com
© Press Release 2016
