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SHUAA Capital and Jumeirah Group in strategic hospitality relationship

Staff writer |
SHUAA Capital Saudi Arabia and Jumeirah Group signed a Memorandum of Understanding (MOU) to form a strategic relationship to jointly explore opportunities in Saudi Arabia to develop hospitality projects under the Jumeirah brand.

SHUAA Capital Saudi Arabia was established in 2008 as an entity aimed at capitalizing on the rapidly developing real estate and hospitality sector in the Kingdom via the acquisition and development of prime land and real estate in areas with strong long-term growth prospects.

The company has successfully been involved in the development of a number of projects, most notably via the Saudi Hospitality Fund I, an SAR 535 million Shariah-compliant real estate investment fund launched in 2008, under which three hotel projects in the Kingdom were developed.

Jumeirah Group currently operates 23 hotels in Europe, the Middle East and Asia, and has a further 25 Jumeirah and Venu properties in the development pipeline. Jumeirah’s portfolio comprises of nearly 6,000 luxury rooms, suites and residences and its core offering is complemented by international restaurant, spa and related businesses.

With properties already under management in Abu Dhabi, Dubai, Bodrum, Istanbul, Kuwait, London, Maldives, Rome, Shanghai, Baku and Mallorca, the Group has ambitious expansion plans, with an aspiration to operate up to 100 hotels worldwide by 2020.

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