AccorHotels, Al-Ghurair announce rebrand of landmark Dubai properties

The signing ceremony for the rebrand of a landmark property consisting of 428 rooms and 192 apartments located at Al-Ghurair Center Complex.
Updated 29 July 2017
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AccorHotels, Al-Ghurair announce rebrand of landmark Dubai properties

AccorHotels, a leading travel and lifestyle group, has announced the signing of an agreement with Al-Ghurair, one of the Middle East’s leading family businesses, for the rebrand of a landmark property consisting of 428 rooms and 192 apartments located at Al-Ghurair Center Complex.
Both properties will be managed as part of the group’s upscale Swissôtel & Swissôtel Living portfolio, representing the brand’s first foray into the UAE. Located within Deira, the hotel and residences offer access to Al-Ghurair Center — one of Dubai’s original upscale shopping centers, which recently completed an AED1.8 billion ($490 million) expansion.
The hotel and apartments will be m0anaged by AccorHotels before transitioning to Swissôtel & Swissôtel Living by the end of 2017 when the first phase of soft refurbishment is completed.
Sami Nasser, chief operating officer, luxury brands, AccorHotels Middle East, said: “The Al-Ghurair family plays a leading role in driving Dubai’s growth as a global destination, and as such, the iconic Al-Ghurair Center is the best location to debut the city’s first Swissôtel & Swissôtel Living. Through this rebrand, we are bringing a new travel experience that is full of energy, passion and vitality — all part of the Swissôtel brand DNA — to the revitalization of Old Dubai.”
He added: “Along with two notable Swissôtel properties welcoming guests in Makkah, in addition to our flagship Swissôtel the Bosphorus, Istanbul, Al-Ghurair Hotel and Al-Ghurair Living provide an excellent base and springboard for the future development of the brand in the Middle East.”
Sultan Al-Ghurair, CEO of Al-Ghurair Properties, and responsible for the organization’s extensive real estate portfolio, said: “This landmark agreement, in partnership with AccorHotels, reflects Al-Ghurair’s commitment to working with best-in-class service providers and to attracting new brands to the UAE. The Al-Ghurair Center comprises over 350 retail, dining and entertainment outlets, attracting more than 21 million visitors a year. With the rebrand of our hospitality offering, we are proud to include international brands such as Swissôtel & Swissôtel Living as part of the Al-Ghurair Center experience. With 53 real estate projects under development, of which a large proportion are in Deira, the rebranding of the Al-Ghurair Center hospitality offering is a key part of our goal to lead the regeneration of Old Dubai.”


Ma’aden acquisition supports Vision 2030

Updated 24 April 2019
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Ma’aden acquisition supports Vision 2030

The acquisition of an African fertilizer distribution company by Ma’aden, the largest Saudi mining company, will advance Ma’aden’s Strategy 2025, which includes plans to expand operations in the Kingdom and grow sales globally. The acquisition will also support Saudi Arabia’s Vision 2030, which seeks to diversify the economy, increase non-oil exports, boost the Kingdom’s non-oil GDP, and reinforce the mining sector as the third pillar of Saudi industry, after oil and gas and petrochemicals. 

Ma’aden will make its first international acquisition with the purchase of the Mauritius-based Meridian Group, which is due to be completed by September for an undisclosed fee.

The publicly-listed Saudi mining company will acquire an 85 percent stake in the company in an all-cash deal that will provide one of the Middle East’s largest phosphate producers with 3,000 staff and a network of operations across southern Africa, from Malawi to Mozambique, Zimbabwe and Zambia. Phosphate is used to produce fertilizer that is essential in replacing the phosphorous mineral that is removed from soil when agricultural crops are harvested. 

“This acquisition marks a very important step in Ma’aden’s strategy to build global distribution channels for our fertilizer products,” said Darren Davis, president and chief executive of Ma’aden. “As we continue to build one of the largest producers and exporters of phosphate fertilizers in the world, ensuring an efficient route to key growth markets is critical to our success.” 

Agriculture forms a significant portion of the economies of all African countries. As a sector, it can therefore contribute to major continental priorities, such as eradicating poverty and hunger. The agri industry can also boost intra-Africa trade and investments, rapid industrialization and economic diversification, sustainable resource and environmental management, and create jobs, human security and shared prosperity.

The Southeast African market, like most of the African continent of 1 billion people, is experiencing increased demand for phosphate fertilizers which industry analysts expect to continue growing by 5 percent annually over the next decade, fueled by population growth and increasing education in the use of fertilizers.

“Ma’aden is acquiring unparalleled access to complementary distribution, blending and product-development capabilities in this fast-growth region,” said Hassan Al-Ali, Ma’aden’s senior vice president for phosphate. “This transaction will provide us with logistics advantages in Southeast Africa, and greater knowledge of on-the-ground customer requirements, both of which will be instrumental in better serving our customers.”

The Saudi global mining giant will secure the remaining 15 percent of Meridian’s equity over four years on agreed terms linked to the performance of the African company, which distributes approximately half-a-million tons of fertilizer through its network of granulation and blending plants, warehousing complexes and port facilities. 

HSBC acted as Ma’aden’s financial adviser on the deal and Baker McKenzie was the Saudi company’s legal adviser for this acquisition.