DUBAI, 6 July 2006 — Abraaj Capital and Bahrain-based Ithmaar Bank yesterday announced the launch of The Serai Group, a joint venture with the objective of developing and managing an international chain of Middle Eastern-themed Shariah compliant hotels. The joint venture will be capitalized with US$500 million of equity to be partially funded by Abraaj and Ithmaar and will be domiciled in the Kingdom of Bahrain.
The Serai Group is set to structure three brands; Caravan Serai, positioned as a “silk-road” experience for the mass market segment; Serai Hotels offering seamless, uncluttered hospitality and services catering to the demands of the business traveler; Grand Serai offering a premium Arabian and Middle Eastern experience for the high-end guest segment.
Across all three categories The Serai Group will distinguish its properties on an architectural and functional level, configured to evoke the cultural aura of the Middle East. Distinctive design elements drawing from and emphasizing the rich and diverse cultural heritage of each of the countries of the Middle East and other Islamic countries, will form an integral part of the Serai experience.
The group’s vision is led by a seasoned management team with over 85 years of combined regional hospitality experience. Sami Zoghbi, the group’s chief executive officer, has over 43 years of experience in the hospitality industry. Zoghbi commented on the launch of the Serai Group by saying: “The time has come for the international traveler to experience Arabian hospitality at a level of quality and service provided by leading international hotel operators.”
“The Serai Group’s properties and service model will be designed to provide all travelers with a genuine sense of Middle Eastern and Islamic-style living in tandem with the full amenities and technological facilities that are expected from a world-class hotel operator”.
Arif Naqvi, CEO & executive vice chairman of Abraaj Capital, said: “We are delighted to partner with Ithmaar Bank to announce this initiative to create a different hospitality brand within a large and growing marketplace.
Khalid Abdulla-Janahi, chairman of Ithmaar Bank, said: “Current market conditions and dynamics present a unique opportunity as there is a clear gap in the current marketplace for Middle Eastern themed hotels. The Serai Group will address this gap and target the growing tourism market by offering a truly unique experience.
The group’s properties will be designed to embrace local and Islamic influences in order to deliver an authentic traditional and cultural experience, appealing to both regional and western guests alike.”