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SHUAA Capital announces $137mn sale of Saudi hospitality portfolio to Sumou Holding

The portfolio comprised three prime hospitality properties strategically located in Riyadh, Jeddah, and Dammam

by Staff Writer
SHUAA Capital
The hospitality portfolio comprised three properties in Riyadh, Jeddah and Dammam. Image: Shutterstock

Dubai-based SHUAA Capital announced the completion of the sale of its Saudi hospitality asset portfolio to Sumou Holding for $137 million (SAR 515 million).

The firm’s Saudi hospitality asset portfolio was managed by SHUAA Capital Saudi Arabia, a wholly owned subsidiary.

The portfolio comprised three prime hospitality properties strategically located in Riyadh, Jeddah, and Dammam, the company said in a statement.

This divestiture is part of SHUAA Capital’s ongoing strategy to enhance investor returns and refine its investment focus, aligning with its long-term objectives of optimising asset allocation and portfolio management, it added.

The company owned a 33 per cent stake in the portfolio.

The company said the proceeds from the portfolio sale will be used to reduce liabilities and strengthen its balance sheet, further positioning the company for future growth and success.

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