HE Sheikh Sultan bin Ahmed Al Qasimi and HRH Prince Khaled bin Alwaleed bin Talal bin Abdulaziz Al Saud to boost Sharjah's Hospitality Industry with Beachfront Haven

UAE-Sharjah/Sharjah Media Centre: May 5, 2015

His Excellency (HE) Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Basma Group Sharjah, launched today with HRH Prince Khaled bin Alwaleed bin Talal bin Abdulaziz Al Saud a USD$100 million five-star-deluxe resort project.
With Sharjah's tourism market maturing and multiple standardised resorts being developed, the Emirate is introducing the Majlis Grand Mercure Sharjah - Resort & Spa operated by Accor over an area of around 12,000 square metres at the Sharjah Corniche, between the Coral Beach Resort and Sharjah Ladies Club.

The Majlis Grand Mercure Sharjah - Resort & Spa will represent a brand that associates itself with attributes such as uniqueness and differentiation and a vibrant gathering place for art and culture. The emirate aims at raising the bar with all sea-facing rooms each with a private balcony.

The resort will reflect authenticity, inspired by the cultures of the region whilst being represented in a contemprorary style.

His Excellency Sheikh Sultan bin Ahmed Al Qasimi looks with excitement to the project, which is promoted under the umbrella of Basma Investments, the investment arm of Basma Group: "The Majlis Grand Mercure Sharjah - Resort & Spa will be a great opportunity for Sharjah to increase the tourism ratio for the upcoming years by embracing the luxury segment. Sharjah will start to cater for tourists who seek to explore its history and that special artistic and cultural flair of Sharjah at a vibrant location that will combine art and culture with contemporary traditional elements."

HRH Prince Khaled bin Alwaleed bin Talal bin Abdulaziz Al Saud said: "In every company we invest, we want to fully comprehend the value sustaining it over the course of time. Entering this venture with the experience of HE Sheikh Sultan bin Ahmed Al Qasimi along with the solid track record of Accor, provides the stockholder the necessary elements for a safe decision and the comfort required for a long-term investment. I am confident Sharjah has taken one more step to become a recognised international destination for tourism and leisure as envisioned by HH Sheikh Dr. Sultan bin Muhammad Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah. International travelers will find in Sharjah a new capital of rich Arab culture with contemporary luxuries."

Christophe Landais, Accor Hotel Services' Middle East Chief Operating Officer, commented on the new resort project: "Following Novotel Sharjah Expo Centre, we are privileged to further strengthen our relationship with HE Sheikh Sultan bin Ahmed Al Qasimi and start a new partnership with HRH Prince Khaled bin Alwaleed bin Talal bin Abdulaziz Al Saud for the development of Accor upscale resort project; the Majlis Grand Mercure Sharjah - Resort & Spa."

The resort is expected to offer 234 rooms divided in three categories; Deluxe Sea View, Deluxe Private Garden and Suites. Two restaurants and a sea-facing coffee shop will serve guests within a unique atmosphere embroidered with traditional architectural elements and presented in a contemprary flair scented with oud-based fragrances.

The resort's Hamam Spa, with six treatment rooms, a health bar, a swimming pool and a fitness centre completed by a steam and sauna room, promises guests regenerative and sensory treats for all family members.
State of the art meeting and function rooms will cater to the local and regional business needs.

Landais further noted: "The Majlis Grand Mercure is an Accor regional brand that is specifically designed for the Middle East. The deluxe resort is a unique and different brand that reflects authenticity inspired by the local culture of the region whilst being represented in a modern style. All of this whilst being supported by the entire distribution platform of Accor."

He concluded: "The vision of His Excellency in promoting Sharjah as a cultural destination and his intention to develop a resort inspired by local culture in terms of design and ultimately service is exactly what the Majlis Grand Mercure promise is all about."

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About Basma Group
Basma Group was founded in 2005 in the Emirate of Sharjah. The Group is operating in the field of investments in economic projects. Basma Group achieved strategic partnerships and contributions in various sectors, including commercial real estate, agricultural and environmental service; and leading the entry in to new ventures is Basma Investment and Development, a division of Basma Group that is boosting investments in the first tourism projects of the group.

About Majlis Grand Mercure brand
Majlis Grand Mercure brand was introduced to the Middle East by Accor after identifying the opportunity of providing a localised concept born in the region while being part of the portfolio of an international Operator.
The brand fully supported by Accor was launched in 2014 in the Middle East with a strong dedication and commitment from Accor top management. The mid-term target is to develop a network of 20 Majlis Grand Mercure offering a more authentic experience by creating a distinct collection of upscale resort and resorts in key cities throughout the region.

Whether local or international, travelling on business or leisure, Majlis Grand Mercure appeals to guests seeking an aspirational Upscale hospitality experience that authentically captures the culture of the destination while meeting their needs for comfort and reassurance.

About Khaled bin Alwaleed (KBW) Group
HRH Prince Khaled bin Alwaleed is an active investor and the founding shareholder of KBW Investments with acquired interests in several companies worldwide in investment banking, venture capital, oil & gas, mining, engineering & construction, manufacturing and technology.

KBW is a private equity firm currently investing in 8 companies, spread across 3 continents and horizontalised in 6 different sectors, with a solid institutional positioning. Our firm invests in start-up and early stage companies with a long term view, and combines experience of multi-discipline and multicultural executives from different countries.

KBW invests in a diverse array of businesses - from established businesses in the construction industry to promising technology start-ups - which align with the changing needs of the region. The strategy is to invest in a diverse spectrum of companies operating with innovative ideas that, together, match the current and expected needs of a region. KBW was born out of the recognition that synergies do exist between diverse companies and their growth can be greatly enhanced if their efforts are synchronised.

© Press Release 2015