Almurjan, Hani Al-Attas form hospitality JV
Jeddah, November 13, 2013
Almurjan Holding Company and Hani Al-Attas & Sons Holding Company have signed a SR500 million ($133.3 million) partnership deal to establish a new services company in the hotel, hospitality and catering sector.
The joint venture was signed at Sidra Capital headquarters by Sheikh Abdurrahman Khalid Bin Mahfouz, on behalf of Almurjan Holding, and by Hani Hussein Al-Attas, on behalf of Hani Al-Attas & Sons Holding, in the presence of senior executives from both companies.
Sidra Capital will act as the parties’ financial advisor for the establishment of the new company, as well as setting up its financial and strategic goals and work plan, said a statement.
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.
Sheikh Abdurrahman 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.
Hani Ba-Othman, Managing Director of Sidra Capital, said the initial capital of the joint venture would be in the range of SR500 million. - TradeArabia News Service