Enshaa acquires Signature Clubs
Manama, January 6, 2010
Enshaa, a leading development and investment company with interests in the Mena, Asia and Australia, said it has acquired Signature Clubs International (SCI), which currently operates two of the region’s premier private business clubs.
The clubs - The Capital Club Bahrain located in the twin towers of the Bahrain Financial Harbour and Capital Club Dubai, located at the Dubai International Financial Centre - are tailored exclusively for the current and future leaders of the corporate, government and business communities, with membership by invitation, said a company statement.
Raza Jafar, Enshaa’s chief executive officer said, "The acquisition highlights Enshaa’s strategic focus on quality-branded products and expansion into the hospitality industry, enhancing its already prestigious portfolio that includes Palazzo Versace Dubai, Palazzo Versace Gold Coast, Australia, D1 residential tower, Culture Village Dubai and Emirates Financial Towers, Dubai International Financial Centre."
"Enshaa’s acquisition intends to build upon SCI’s accomplishments, as we look forward to providing additional benefits to the club members. Enshaa will further develop SCI’s existing commercial operations, with potential expansion," he added.
Guy Guillemard, CEO and co-founder of SCI, said: “We are very pleased to have Enshaa’s support in expanding our footprint and maintaining top-level standards in the Clubs under the SCI banner. Together we have the capability to take our services to the next level and to offer our members a top-quality private club experience in more ways and in more locations.”
SCI has enhanced members’ international connections through reciprocal access to 250 prestigious business, family and golf clubs in 50 countries.
The key features include exclusive food and beverage venues, and meeting rooms with entertainment within welcoming surroundings. Enshaa’s involvement will further enhance the clubs for all members, with outstanding benefits and innovative services.
The Abraaj Real Estate Fund, which is managed by Dubai-based private equity company Abraaj Capital, owns a majority of SCI and is a shareholder in Enshaa. For the fund, the sale of SCI to Enshaa represents a consolidation of its hospitality holdings.-TradeArabia News Service