Shuaa, Rotana to develop hotels in Saudi
Shuaa Capital Saudi Arabia (SCSA) has signed a master agreement with Rotana Hotel Management Corporation to develop hotel properties in Saudi Arabia.
Omar Al Jaroudi, chief executive officer of SCSA, and Selim El Zyr, president and chief executive officer of Rotana, signed the agreement in Riyadh recently.
“We expect the Saudi Arabian economy to continue to grow at recent rates, and with further liberalisation, we believe that demand for modern hotel facilities by both business travellers and visitors will continue to increase. This joint venture with Rotana confirms our commitment to the Saudi market, and represents a unique opportunity for investors to access the hospitality sector which otherwise is seldom part of their portfolio,” Omar Al Jaroudi said in a statement.
Diab Chidiac, director of Real Estate of SCSA said, “Shuaa Saudi Hospitality Fund I has been designed to yield optimal financial returns through the deployment of its investments in the six Saudi cities that are most undersupplied with hotel rooms and serviced residential facilities. Moreover, the Rotana brands featuring high margin, high return hotel categories will add supreme value to the Fund's portfolio.”