FINANCIAL NEWS

Shuaa sells 22% stake in Rotana Hotels

04 Jul 2010

(MENAFN) The chairman of Abu Dhabi-based Rotana Hotel Management said he had agreed to buy a 22 percent stake in the company from a private equity fund of Dubai’s Shuaa Capital, Gulf News reported.

Nasser Al Nowais declined to give a value for the deal, saying it would be disclosed next month when the agreement was signed. The transaction for the privately held company will be completed following approval by the Abu Dhabi Department of Economic Development.

Al Nowais told Reuters with the purchase he owned more than 60 per cent of the hotel chain. The remaining equity is held by high net worth individuals, he said.

The company operates 37 properties in the UAE, Egypt, Saudi Arabia, Sudan, Syria and Lebanon and plans to open 33 more before the end of 2014 in UAE, Qatar, Kurdistan, Jordan, Oman, Syria, Iraq, Bahrain, Morocco and Libya, a spokeswoman said.

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