Shuaa raises $240mn for Saudi hospitality fund

by Amy Glass Monday, 25 August 2008

Shuaa Capital Saudi Arabia has closed its ‘Shuaa Saudi Hospitality Fund I’, a Sharia-compliant closed-end fund which develops and owns Saudi real estate, the firm said Monday.

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Commitments from investors totalled $240 million at the initial closing, and the firm anticipated a further $293.3 million will be fully subscribed by the second and final closing, Shuaa said in a statement.
The initial closing of the Saudi Hospitality Fund follows the earlier initial closing of its parent fund, the Shuaa Hospitality Fund I in July, which raised $200 million.

The Shuaa Saudi Hospitality Fund I was launched to acquire or develop five star and budget hotels in Saudi Arabia.

It will also own 20% of a new hotel management company to be incorporated in Saudi by UAE based Rotana Hotel Management Corporation, a Pan-Arab hotel management company.

Omar Al Jaroudi, CEO of Shuaa Capital Saudi Arabia, said the fund would allow investors to benefit from the “extraordinary growth potential of the hospitality and real estate sectors”.



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