“SHUAA Capital” Completes Hospitality Project and Hands Over to Rotana Admnistration
Ashraf Abo Arafe
As part of its Middle East and North Africa strategy, SHUAA Capital one of the Middle East region’s leading financial services firms announces the completion of the development of the second joint hospitality project in Saudi Arabia. The project has now been handed over to Rotana, one of the leading hotel management companies in the region with hotels across the Middle East, Africa and Turkey for official operations. This hospitality project has been developed courtesy of the SHUAA Saudi Hospitality Fund I, and marks SHUAA’s ongoing expansion across the Middle East and North Africa, having also recently announced plans to re-enter the Egyptian market.
The new hotel includes 290 rooms, studios and hotel suites, all designed and furnished in an elegant, contemporary style; ensuring that guests are provided with maximum comfort and relaxation. The hotel offers a new hospitality concept across the region and is expected to resonate powerfully among both business and leisure travelers alike.
During the official opening ceremony, CEO of SHUAA Capital Saudi Arabia, Mr. Omar Al Jaroudi, noted that Centro Waha Riyadh was another significant milestone in the successful strategic partnerships between SHUAA Capital Saudi Arabia and Rotana, after the opening of Centro Shaheen in Jeddah last year.
“The new hotel is the embodiment of our long-term vision for the Saudi hospitality market which is undergoing a period of rapid growth. Our partnership with Rotana has already proved to be a winning formula and we look forward to building on this success with the opening of more Centro hotels across the Kingdom,” Al Jaroudi said.
For his part, Vice Chairman of Rotana, Mr. Selim El Zyr, welcomed attendees and expressed his thanks and appreciation for all the group’s partners in this important opening. “Today, we are proud and happy to participate in the Kingdom’s development journey, as we seek to contribute to the realization of the ambitious Vision 2030 and achieve the goals of the National Transformation Program 2020, which entails the activation of the Kingdom’s regional and global role as a commercial and economic center, as well as a destination for tourists and investors alike,” he said.
El Zyr added, “The opening of Centro Waha in the capital Riyadh will support the showcased hotel rooms offering, and will also support the diversification of hotel products in the Kingdom’s hospitality sector.”
Commenting on the launch of the lifestyle hotel, President & CEO of Rotana, Mr. Omer Kaddouri stated, “The new hotel is a unique part of Rotana’s eventful journey in the Saudi market. Business travel and accommodation for the budget conscious executive is an increasingly important market and the Centro concept is specifically designed to cater to this rapidly expanding market. Appealing to large corporate entities, small and medium business owners, and individual travelers, Centro by Rotana is an ‘Essential Service’ hotel brand, which is much needed in the Kingdom.”
Kaddouri noted that Centro Waha Riyadh is the eighth hotel to open under the Centro by Rotana brand in the region, and the fourth by Rotana Group in the Kingdom following the opening of Centro Shaheen in Jeddah. Rotana currently more than 1,200 keys in the Saudi hospitality market, in addition to 880 hotel keys under development, all as part of Rotana Group’s plans to expand strategically in the Saudi market.
In addition to the comfortable, modern rooms, the hotel offers three meeting rooms equipped with the latest business and conference facilities. Centro Waha will also include an integrated fitness club fully equipped with facilities and services, in addition to a swimming pool for hotel guests. Also there are three modern restaurants: C. Deli, which offers light, quick meals around the clock, in addition to C. Taste, which features a contemporary, fun and vibrant ambience and a menu filled with the most delicious international cuisine, and finally, Sushi Centro, which offers its guests a new concept of authentic Japanese cuisine amidst a modern and creative ambience.
About!
SHUAA Capital Saudi Arabia is an investment firm with a paid-up capital of 50million Saudi Riyals; it is an entity of UAE based financial investment firm SHUAA Capital. Since 2008 it has played a prominent role in shaping the real estate asset management landscape in the Kingdom of Saudi Arabia and continues to be a leader in managing CMA licensed funds with a main focus on real estate. Investment opportunities are developed through extensive in-house and third-party research that identify market gaps with competitive risk-adjusted returns, providing investment banking, corporate advisory, and custody services. It currently manages five funds spread across the residential and hospitality sectors with plans to expand its offering and provide its clients with diverse products in high-growing market segments. We do not have any dealings in financial markets and stock exchanges. SHUAA Capital Saudi Arabia is an entity of UAE based investment firm SHUAA Capital.
About Rotana
Rotana currently manages more than 100 hotels in the Middle East, Africa and Turkey, with a wide expansion plan for the future. In Rotana, time is our most valuable commodity, and we devote great importance to our choice of how we spend that time and with whom we spend it. Time has meaning with us, which is why we promised ourselves to offer all we can to better understand your needs. Recognizing the rich value of your time, we have refined and developed our products: Rotana Hotels & Resorts, Centro Hotels by Rotana, Rayhaan Hotels & Resorts by Rotana, and Arjan Hotel Apartments by Rotana. Time has meaning with us.
