Shuaa Capital Saudi Arabia inks agreement with Rotana

DUBAI — Shuaa Capital Saudi Arabia, cjsc (SCSA) announced yesterday that it has signed a master agreement with Rotana Hotel Management Corporation LLC (Rotana).

By A Staff Reporter

Published: Tue 17 Jun 2008, 12:00 AM

Last updated: Sun 5 Apr 2015, 1:09 PM

The company operates various 5-star, 4-star, 3-star hospitality properties, furnished apartments, and resorts throughout the Middle East and North Africa.

SCSA recently launched a SR 2 billion (US$533 million) Shariah compliant closed-end fund under the name 'Shuaa Saudi Hospitality Fund I', which aims to develop and own seventeen hotel properties, furnished apartments, and resorts across the Kingdom of Saudi Arabia comprising 5,000 rooms. Shuaa Saudi Hospitality Fund I is managed by SCSA and will also own 20 per cent of a new company in the Kingdom that will manage and operate the properties on an exclusive basis. This new company will be managed by Rotana.

Earlier this year, both Shuaa Capital psc, UAE, and Rotana have committed to invest in the Shuaa Saudi Hospitality Fund I through a parent regional hospitality fund, the $200 million Shuaa Hospitality Fund I that was established by Shuaa Capital psc.

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