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Sat 28 Nov 2015 03:44 AM

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Dubai's Shuaa says two Saudi hotel projects to open in early 2016

Saudi unit of financial services firm says handover of Centro branded properties scheduled for H1 2016

Dubai's Shuaa says two Saudi hotel projects to open in early 2016

The Saudi unit of Shuaa Capital has announced that two of its hotel projects in the Gulf kingdom - the Centro Shaheen by Rotana hotel in Jeddah and the Centro Waha by Rotana hotel in Riyadh - are nearing completion.

The  UAE-based financial services firm said in a statement that the handover process for the Centro Shaheen will start later this month and the hotel is expected to be operational in the first quarter of 2016.

The Centro Wahais scheduled to be handed over to the management company in the first quarter of 2016 and is expected to begin operations by the second quarter of next year, it added.

A general manager for the Centro Shaheen has been appointed and the core management teams for both hotels are in place, the statement said.

Earlier this year, ShuaaA, in its capacity as fund manager, arranged for Shariah-compliant debt financing of SR215.6 million for the two projects from the Saudi Fransi Bank.

Abdulrahman Al Hareb, chairman of Shuaa Capital, said: "Saudi Arabia is an important market for Shuaa where we see growth opportunities, particularly in the hospitality sector, an area where we have developed a strong track record and expertise.

"The completion of the Centro Shaheen and Centro Waha projects is a key milestone for us as we look to explore similar opportunities in the kingdom."

The 248-room Centro Shaheenhotel is situated in the heart of Jeddah's central district, while the 290-room Centro Wahahotel is located on Riyadh's Olaya Road, which is close to the King Abdullah Financial District.

A third hotel project being developed by a Shuaa-sponsored hospitality fund, the 285-room Dana Rayhaan Dammam, is scheduled for delivery in 2017.

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