22 November 2015SHUAA Capital
Saudi Arabia ('SHUAA') today announced that two of its principle hotel projects in Saudi Arabia, the Centro Shaheen by Rotana hotel in Jeddah and the Centro Waha by Rotana hotel in Riyadh, are nearing completion. The handover process for the Centro Shaheen will commence later this month and the hotel is expected to be operational in the first quarter of 2016. The Centro Wahais scheduled to be handed over to the management company in the first quarter of 2016 and is expected to begin operations by the second quarter of 2016.A General Manager for the Centro Shaheen has been appointed and the core management teams for both hotels are in place. Recruitment for remaining staff positions has begun.
Earlier this year, SHUAA, in its capacity as fund manager, successfully arranged for Shariah-compliant debt financing ofSAR 215.6 million for the two projects from the Saudi Fransi Bank.
Abdulrahman Al Hareb, Chairman of SHUAA Capital, said: "Saudi Arabia is an important market for SHUAA where we see growth opportunities, particularly in the hospitality sector, an area where we have developed a strong track record and expertise. The completion of the Centro Shaheen and Centro Waha projects is a key milestone for us as we look to explore similar opportunities in the Kingdom."
The 248-room Centro Shaheenhotel is situated in the heart of Jeddah's central district, in close proximity to the Ruwais area. It has convenient road access to all Jeddah landmarks and is less than 20 minutes from Jeddah's King Abdulaziz International Airport. The 290-room Centro Wahahotel is located on Riyadh's Olaya Road, which is in close proximity to the King Abdullah Financial District.
Kamel S Almunajjed, Chairman of SHUAA Capital Saudi Arabia, commented: "This is a significant achievementin what has been a longbut successful journey. We are pleased to be launching the Centro Wahaand Centro Shaheen hotels which will be welcome additions to the growing hospitality sector in the Kingdom. We see the completion of these projects as a key step in SHUAA'sstrategy to focus further on the real estate and hospitality sectors."
The third hotel project being developed by a SHUAA-sponsored hospitality fund,the Dana Rayhaan Dammam, is progressing well and delivery is scheduled for 2017. Upon completion, it will have 285 rooms and a built-up area of approximately 25,000 sq/m.
SHUAA Capital pscoffers 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
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 millionFund is managed by SHUAA Capital Saudi Arabia while the hotels in the Fund's portfolio are operated by Rotana Hotel Management Company.
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© Press Release 2015