Almurjan Holding, Hani Al-Attas & Sons create SR500m JV in hospitality sector

JEDDAH: 13 Nov,2013

Almurjan Holding Company and Hani Al-Attas & Sons Holding Company sealed a partnership agreement to establish a new services company in the hotel, hospitality and catering sector. The joint venture was signed at Sidra Capital headquarters recently by Sheikh Abdurrahman Khalid Bin Mahfouz, on behalf of Almurjan Holding, and by Mr. Hani Hussein Al-Attas, on behalf of Hani Al-Attas & Sons Holding, in the presence of Sheikh Sultan Khalid Bin Mahfouz and Engineer Ammar Farouk Zahran, Chairman of Almurjan Holding, and Mr. Hani Ba-Othman, Managing Director of Sidra Capital.

Both parties have appointed Sidra Capital as their financial advisor for the establishment of the new company, as well as setting up its financial and strategic goals and work plan.

Commenting on the new partnership, Mr. Al-Attas said the new strategic alliance between the two companies is aimed initially at cashing in on the current promising opportunities in the hospitality, hotel and catering sector in Saudi Arabia and other Gulf states, which require investment of financial resources to develop them.

Meanwhile, Sheikh Abdurrahman Bin Mahfouz, said the new partnership is a strategic choice to diversify business areas of Almurjan Holding, where the company seeks to ally with experienced parties to develop and establish gigantic business facilities. "This alliance with Hani Al-Attas & Sons Holding Company will create an investment avenue for Almurjan Holding in a dynamic sector," he added.

Mr. Hani Ba-Othman, Managing Director of Sidra Capital, said the initial capital of the joint venture would be in the range of SR500 million.

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