Bidaya closes successful portfolio sale transaction

Bidaya CEO Mazin Al-Ghunaim
Updated 10 July 2018
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Bidaya closes successful portfolio sale transaction

Bidaya Home Finance has successfully closed its inaugural Ijara Portfolio sale transaction. The portfolio was sold to the Saudi Real Estate Refinance Company (SRC) on June 28.

In line with the company’s business model of originating, holding, selling and servicing mortgages, Bidaya plans to undertake a series of such transactions in collaboration with SRC over the coming years.

“This is an important milestone for Bidaya as it demonstrates the company’s ability to complete the mortgage financing business cycle as per our business model,” said Bidaya CEO Mazin Al-Ghunaim. “We are thankful to SRC for supporting Bidaya in its mission to enable housing for all Saudi citizens in line with the Kingdom’s Vision 2030, and we look forward to a long-term working relationship with SRC for the growth of the mortgage finance market in Saudi Arabia.”

“The portfolio sale transaction marks the strengthening of our partnership with Bidaya and is aligned with our mission to increase liquidity in the Kingdom’s mortgage market so that more Saudi citizens can own their homes,” said Fabrice Susini, SRC’s chief executive. “Our combined efforts with Bidaya and other government and private sector organizations will contribute to the realization of Vision 2030’s housing goals, one of which is to increase home ownership to 52 percent by 2020.”


Emaar reopens historic Al-Alamein Hotel

Updated 17 July 2018
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Emaar reopens historic Al-Alamein Hotel

The historic Al-Alamein Hotel has officially reopened after a major facelift by Emaar Hospitality Group that makes it among the finest resorts along the Mediterranean.

The opening event was attended by Egyptian Minister of Tourism, Dr. Rania Al-Mashat, VIP guests, top media figures, as well as other public figures.

Situated in the picturesque setting of Sidi Abdel Rahman Bay, the hotel’s glamorous design ethos and refurbished retro-modern interiors hark back to the glory days of the 1960s, when the resort first opened.

The remodelled designs blend vintage charm with contemporary style, evoking a sense of nostalgia to the golden age of Egyptian music and cinema. “The refurbishment of Al-Alamein Hotel provides an example of our determination to offer a hotel that is on a par with, or rather superior to, world-class resorts,” said Mohamed Alabbar, chairman of Emaar. 

“We strive for nothing less than the highest global standards for our customers and our developments in Egypt including Al-Alamein Hotel, of which renovation costs totaled EGP 1.5 billion ($84 million),” Alabbar added.

While the building stays true to its rich heritage, visitors can expect modern comfort and style everywhere, from the bar and restaurants to the corridors and rooms.

There is something remarkable around every corner of the resort. An impressive assortment of black and white photographs of Egypt’s most celebrated classical actors and singers festooning columns at the lobby offer visitors much to marvel at once they walk into the building.

The hotel is also home to the renowned Umbrellas sculpture by Greek artist George Zongolopoulos, a poetic structure of steel umbrellas that stretches 13 meters into the sky, offering a dramatic reinterpretation of Abdel Halim Hafez’ classic oldie “Dokko Elshamasy” or “Fix the Umbrellas on the Beach.” One of the most photographed modern sculptures worldwide, the piece was first displayed at the Venice Biennale in 1995, where it drew international attention, and will now delight visitors to this Egyptian vacation spot.

The hotel also boasts a magnificent collection of art works and sculptures by a large number of local and global artists, including an iconic mosaic mural of late legendary Egyptian singer Umm Kulthum and another one featuring colorful ancient boats.

Al-Alamein Hotel is part of a thriving residential and tourist community Emaar is developing in Marassi, the company’s flagship Mediterranean landmark in Egypt. These include several hotels already launched such as Vida Marassi Marina, Address Marassi Beach Resort and Address Marassi Golf Resort + Spa. Marassi will be home to seven luxury hotels with up to 3,000 rooms.