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Ishraq signs MoU with AREC to develop “Express by Holiday Inn” in Kuwait City

United Arab Emirates: Saturday, June 24 - 2006 @ 11:04

A Bahraini registered company, Ishraq has the exclusive rights to develop the “Express by Holiday Inn” hotels in the Middle East. The hotel will be constructed at a cost of US $ 20 Million and will cater to the growing demand for affordable quality lodgings in Kuwait.

The partnership, which marks Ishraq’s foray into Kuwait, reflects the real estate developer’s intention to develop and expand the “Express by Holiday Inn” hotel chain across the Gulf Cooperation Council. It is also part of an aggressive five year to build over 36 “Express” hotels in the Middle East.

The joint venture also diversifies Arab Real Estate Company’s growing portfolio of hotels in Kuwait.

The signing ceremony was held at the offices of Dubai International Capital in the presence of Mufeed Abdal, General Manager of AREC, Sami Al Ansari, CEO of Ishraq, Thierry Loue, Managing Director of H.M.S. and senior officers of Dubai International Capital.

Sami Al Ansari said: “The joint venture will fill a gap in the Kuwait market for branded budget hotels, which we believe will contribute to the growth of tourism while keeping prices affordable and guaranteeing quality.

“I am delighted to be signing this agreement with Arab Real Estate Company. With its long history of hospitality in Kuwait, it is the perfect partner for developing such a project.”

AREC’s Chairman and Managing Director, Imad Jawad Bu Khamseen said: “Ishraq is playing a leading role in the development of the hotel industry in the Middle East. We are eager to work with them to offer affordable lodging for the growing tourism industry in Kuwait.

“At Arab Real Estate Company, we are continuing to expand the variety of our local investments. The concept of ‘Express by Holiday Inn’ will aid the development of the hospitality industry in Kuwait.”

Under the agreement signed between the companies, the hotels will be operated by Hospitality Management Services (HMS), the exclusive operators of “Express by Holiday Inn” in the Middle East.

Addax Bank was the financial advisor to Ishraq and instrumental to the structuring of the joint venture.

The World Tourism Organization recently reported the Middle East to be the fastest growing region in the world for tourism. It is growing by 6.7% annually in the Middle East, which will result in an annual influx of 69 million tourists by 2020.

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Saturday, June 24- 2006 @ 11:04 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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