Dubai's Shuaa hands over first Saudi hotel as part of $145m fund
Shuaa Capital Saudi Arabia, a unit of the Dubai investment bank, has announced that the construction on the Centro Shaheen Jeddah Hotel has been completed, with the property having been handed over to the Rotana Hotel Management Company to begin operations.
The hotel is the first to be handed over by Shuaa as part of the Shuaa Hospitality Fund 1, the company said in a statement.
The fund is a Shariah-compliant, close-ended real estate investment fund launched in August 2008 and established in partnership with Rotana Hotel Management Company. The committed capital is $145 million.
“This is an important day for Shuaa in Saudi Arabia. After many years of work, we have handed over our first property. We are proud of our achievement and we are certain Rotana and the management team will enjoy every success in the operation and management of the property,” said Abdulrahman Al-Hareb, chairman of Shuaa Capital.
The Centro Shaheen hotel is the first of a series of three hotel properties that the company has been building as part of the fund. The other two hotels, Dammam Rayhaan and Riyadh Centro, are due for handover in the next 12 months.
Abdulelah Al Shaikh, chairman of Shuaa Capital Saudi Arabia, said: “We are encouraged by the upturn in business travellers coming to Jeddah. Now that our doors are open, our property is well positioned to cater for the increased demand especially as we are so conveniently located, close to many local attractions as well as the international airport.”
The 252-room Centro Shaheen hotel is situated in the heart of Jeddah’s central district.