ENSHAA PSC, a leading development and investment company with interests in the Middle East, North Africa, Asia and Australia, announced today its 100% acquisition of Signature Clubs International (SCI).
The acquisition highlights ENSHAA's strategic focus on quality branded products and expansion into the hospitality industry, enhancing its already prestigious portfolio that includes Palazzo Versace Dubai, Palazzo Versace Gold Coast, Australia, D1 residential tower, Culture Village Dubai and Emirates Financial Towers, Dubai International Financial Centre.
SCI currently operates two of the region's premier private business clubs; the Capital Club Dubai, located at the exclusive Dubai International Financial Centre and the Capital Club Bahrain, in the prestigious twin towers of the Bahrain Financial Harbour, Manama. SCI has enhanced members' international connections through reciprocal access to 250 prestigious business, family and golf clubs in 50 countries.
Speaking about the transaction, Raza Jafar, ENSHAA's Chief Executive Officer said: "ENSHAA's acquisition of SCI intends to build upon SCI's accomplishments, as we look forward to providing additional benefits to the club members. ENSHAA will further develop SCI's existing commercial operations, with potential expansion."
Guy Guillemard, CEO and Co-Founder of SCI, said: "We are very pleased to have ENSHAA's support in expanding our footprint and maintaining top-level standards in the Clubs under the SCI banner. Together we have the capability to take our services to the next level and to offer our members a top-quality private club experience in more ways and in more locations."
Each of the Clubs is tailored exclusively for the current and future leaders of the corporate, government and business communities, with membership by invitation. Features include exclusive food and beverage venues, club suites, Wellness Centres and personal trainers and meeting rooms with entertainment within welcoming surroundings. ENSHAA's involvement will further enhance the clubs for all members, with outstanding benefits and innovative services,
The Abraaj Real Estate Fund, which is managed by Dubai-based private equity company Abraaj Capital, owned a majority of SCI and is a shareholder in ENSHAA. For the fund, the sale of SCI to ENSHAA represents a consolidation of its hospitality holdings.
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About ENSHAA:
Inspired by a vision to contribute to the sustainable development of the United Arab Emirates real estate industry, ENSHAA was established to develop premium-quality commercial, residential and hospitality projects. The firm's major shareholders are Emirates Investments Group, Majid Al Futtaim Group and Abraaj Capital.
The company currently operates in the Middle East, North Africa and South Asia (MENASA) region and Australia through an expanding portfolio of carefully conceived projects. Since it launched, the company has formed a number of successful joint-venture partnerships with prestigious local and foreign companies including Sunland Group, Moafaq Al Gaddah Group and National Logistic Corporation Pakistan.
ENSHAA's portfolio includes Palazzo Versace Dubai, Palazzo Versace Gold Coast, D1 residential tower, Emirates Financial Towers, and Karachi Financial Towers. ENSHAA also has acquired (a stake in) an Australian construction firm, Kele Contracting LLC.
About Signature Clubs International (SCI):
Signature Clubs International (SCI) develops, owns and manages premier private clubs. Founded in late 2005, the company has already established the Capital Clubs as the premier private business clubs in Dubai and Bahrain. SCI plans to establish similar prestigious business clubs, as well as explore opportunities for family clubs, in other strategic locations in the region such as Abu Dhabi, Istanbul, Mumbai and Beirut.
Each Club is exclusively designed to meet the needs of those from the top echelons of business, finance and government, providing the highest level of comfort and cuisine and an exceptional event programme which fosters the exchange of ideas, business connections and social interaction.
Membership is by invitation only and reflects the international and cultural diversity of the region. Select corporations and individuals are introduced to the Club by members of the Board of Governors and other members of the Club.
The founders of SCI, Guy Guillemard and Russell Matcham, have over 30 years of expertise in launching and managing high-end private clubs in the Middle East, Europe and Asia. Shareholders include Abraaj Capital.
www.signatureclubs.com / www.capitalclubdubai.com /www.capitalclubbahrain.com
For further information, please contact:
Mustafa Al Khafaf
SAHARA Communications
Tel: +971 4 3298996
© Press Release 2009
