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Shuaa's Saudi hotel projects nearing completion

RIYADH, November 21, 2015

Leading UAE investment bank Shuaa Capital said 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 start later this month and the hotel is expected to be operational in the first quarter of 2016, said a statement from the Saudi unit of Shuaa.

The Centro Waha is 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 next year, it stated.

Earlier this year, Shuaa, in its capacity as fund manager, successfully arranged for Shariah-compliant debt financing of SR215.6 million ($57 million) for the two projects from the Saudi Fransi Bank.

Commenting on the projects, chairman Abdulrahman Al Hareb, 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," he noted.

The 248-room Centro Shaheen hotel 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 hotel has already appointed a general manager, while the core management teams for both hotels are in place.

The 290-room Centro Waha hotel is located on Riyadh’s Olaya Road, which is in close proximity to the King Abdullah Financial District.

Kamel S Almunajjed, the chairman of Shuaa Capital Saudi Arabia, said: "This is a significant achievement in what has been a long but successful journey. We are pleased to be launching the Centro Waha and 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’s strategy to focus further on the real estate and hospitality sectors,"" he stated.

Almunajjed said a third hotel project is also being developed by a Shuaa-sponsored hospitality fund, the Dana Rayhaan Dammam.

The work on the 285-room-facility, which is coming up on a built-up area of 25,000 sq m, is progressing well with the delivery scheduled for 2017, he added.-TradeArabia News Service




Tags: Saudi Arabia | Shuaa | hotel projects |

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