12 August 2006
Global Investment House "Global" yesterday announced the launch of Arabian Hospitality Holding Company (KSC) - an entity geared to set up GCC's first chain of branded luxury serviced residences.
The properties will be exclusively managed by the internationally-recognized and Singapore-based Fraser Serviced Residences. Arabian Hospitality has acquired Exclusive Development Rights to develop and own serviced residences in the GCC under the Fraser brand.
"Booming GCC economies, excellent hotel industry performance and negligible international standard non-hotel lodging options present the opportune timing for Arabian Hospitality's market entry with its planned chain of serviced apartments spanning Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates," said Omar M. El-Quqa, Executive Vice President at Global. Arabian Hospitality, a Kuwaiti shareholding company, intends to increase its paid-up capital to KD50 million through the issuance of 490 million new shares of par value 100 fils each.
The company, incorporated in February 2005, intends to list on the Kuwait Stock Exchange (KSE) after a three-year timeframe. However, investors investing through the proposed special purpose vehicle will have the opportunity to exit from their investment prior to the intended listing.
A buoyant economic environment has positively impacted most sectors of GCC economies. The hospitality industry, highly correlated with GDP growth, has benefited more than others have.
The GCC hospitality industry, dominated by hotels, has registered strong performance and growth in recent years, even outperforming some of the world's more established markets. Choe Peng Sum, Fraser's Chief Operating Officer, said: "Serviced residences operated by internationally-branded dedicated operators, as an accommodation option, are hardly represented in GCC's hospitality sector which boasts of some of the most luxurious hotels in the world."
With only 5 per cent of them being branded, the small number of existing serviced apartments are mostly privately owned or operated by independent owners. "Serviced residences, fully-equipped, fully-furnished and fully-serviced apartments, offer a distinctive accommodation experience from hotel stays. The distinguishing element of serviced apartments compared to hotels lie in their unique position to provide extended-stay travelers and their families with the convenience of setting up a home in a foreign country," added Mr. Choe.
Fraser will not only manage Arabian Hospitality's serviced apartment properties, but will also market them worldwide The company has a significant presence in Europe and Asia with properties in Bangkok, Glasgow, London, Manila, Paris, Seoul, Shenzhen, Singapore and Phetchaburi, Thailand and new developments in Shanghai and Sydney.
El-Quqa added: "In the first five years, Arabian Hospitality plans to set up seven to ten serviced apartment properties (5-star hotel equivalent quality) under the Fraser brand in the GCC."
Global Investment House "Global" yesterday announced the launch of Arabian Hospitality Holding Company (KSC) - an entity geared to set up GCC's first chain of branded luxury serviced residences.
The properties will be exclusively managed by the internationally-recognized and Singapore-based Fraser Serviced Residences. Arabian Hospitality has acquired Exclusive Development Rights to develop and own serviced residences in the GCC under the Fraser brand.
"Booming GCC economies, excellent hotel industry performance and negligible international standard non-hotel lodging options present the opportune timing for Arabian Hospitality's market entry with its planned chain of serviced apartments spanning Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates," said Omar M. El-Quqa, Executive Vice President at Global. Arabian Hospitality, a Kuwaiti shareholding company, intends to increase its paid-up capital to KD50 million through the issuance of 490 million new shares of par value 100 fils each.
The company, incorporated in February 2005, intends to list on the Kuwait Stock Exchange (KSE) after a three-year timeframe. However, investors investing through the proposed special purpose vehicle will have the opportunity to exit from their investment prior to the intended listing.
A buoyant economic environment has positively impacted most sectors of GCC economies. The hospitality industry, highly correlated with GDP growth, has benefited more than others have.
The GCC hospitality industry, dominated by hotels, has registered strong performance and growth in recent years, even outperforming some of the world's more established markets. Choe Peng Sum, Fraser's Chief Operating Officer, said: "Serviced residences operated by internationally-branded dedicated operators, as an accommodation option, are hardly represented in GCC's hospitality sector which boasts of some of the most luxurious hotels in the world."
With only 5 per cent of them being branded, the small number of existing serviced apartments are mostly privately owned or operated by independent owners. "Serviced residences, fully-equipped, fully-furnished and fully-serviced apartments, offer a distinctive accommodation experience from hotel stays. The distinguishing element of serviced apartments compared to hotels lie in their unique position to provide extended-stay travelers and their families with the convenience of setting up a home in a foreign country," added Mr. Choe.
Fraser will not only manage Arabian Hospitality's serviced apartment properties, but will also market them worldwide The company has a significant presence in Europe and Asia with properties in Bangkok, Glasgow, London, Manila, Paris, Seoul, Shenzhen, Singapore and Phetchaburi, Thailand and new developments in Shanghai and Sydney.
El-Quqa added: "In the first five years, Arabian Hospitality plans to set up seven to ten serviced apartment properties (5-star hotel equivalent quality) under the Fraser brand in the GCC."
© Bahrain Tribune 2006
