Bank AlJazira’s financial strength lauded by Capital Intelligence

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Updated 12 September 2013

Bank AlJazira’s financial strength lauded by Capital Intelligence

Bank AlJazira (BAJ) announced that its ratings have been affirmed by international credit rating agency Capital Intelligence, demonstrating the strength of the bank’s underlying business model.
BAJ’s financial strength rating (FSR) has been affirmed at “BBB” with a stable outlook.
The bank’s long-term foreign currency rating (FCR) has been affirmed at “BBB+” and its short-term foreign currency rating at “A2.”
In explaining its ratings, Capital Intelligence noted BAJ’s sound liquidity, strong customer deposit growth and improved profitability.
The ratings agency also highlighted the benefits of a reviving equity market to BAJ’s business.
Commenting on the ratings affirmation, Nabil Al-Hoshan, CEO and MD of Bank AlJazira, said: “We are pleased that our strong underlying fundamentals have been recognized with this affirmation from Capital Intelligence.”
The CEO said: “Bank AlJazira is on a journey to improve its products and services, enhance its capital position and build value for shareholders. The Capital Intelligence affirmation is further testament to this strategy and a clear demonstration of our ability to delivery upon it.”


LuLu opens iconic Scotland Yard Hotel in London

Updated 10 December 2019

LuLu opens iconic Scotland Yard Hotel in London

Twenty14 Holdings, the hospitality investment arm of UAE’s LuLu Group International, has completed investments of 1.43 billion dirhams ($389.4 million) in the UK, with the inauguration of the Great Scotland Yard in London. The hotel opened for business on Dec. 9.

The Great Scotland Yard was officially inaugurated by Nicky Morgan, secretary of state; Sir Edward Lister, Prime Minister Boris Johnson’s chief strategic adviser; Mansoor Abulhoul, UAE ambassador to Britain; Mark Hoplamazian, global president and CEO, Hyatt Hotels; in the presence of Yusuffali M. A., chairman of Lulu Group; and Adeeb Ahmed, managing director of Twenty14 Holdings in London.

The historic property was acquired in 2015 for 550 million dirhams ($150 million), and the makeover of the hotel involved a further 250 million dirhams. In addition to the Great Scotland Yard, Twenty14 Holdings had acquired the Waldorf Astoria Edinburgh — The Caledonian in Scotland in 2018 for 440 million dirhams. 

The Great Scotland Yard Hotel, which is being managed by Hyatt under their The Unbound Collection by Hyatt brand, is located in the St. James’s district of Westminster. 

Steeped in history, the Great Scotland Yard was once a dwelling for visiting kings of Scotland during the Tudor period, while today the building is most famous as the former headquarters of the London Metropolitan Police force. In 1910, the building served as the British Army Recruitment Office and Royal Military Police headquarters.

LuLu chairman Ali said: “London is one of the world’s greatest cities and the Great Scotland Yard Hotel represents its illustrious past as well as its modern significance. The hotel spotlights the city’s vibrant history, its several celebrated aspects and its status as a global melting pot. In essence, we have curated an unmatched experience for every guest while recreating the historic premises into a symbol of ultimate hospitality.”

An 1820s Grade II listed building with Edwardian and Victorian architecture, the high-end luxury boutique hotel with seven floors and spanning 93,000 square feet, has 153 rooms and 15 suites apart from a two-bedroom townhouse VIP-suite created from part of the original Scotland Yard Police premises. The hotel also features a library, gymnasium, meeting/conference rooms, a 120-seater conference space/ballroom and VIP function rooms. 

Adeeb Ahamed, managing director, Twenty14 Holdings, said “The Great Scotland Yard Hotel is a dream come true for us, the culmination of a path set long ago, transforming one of the world’s most historic addresses into an icon of modern hospitality. Twenty14 Holdings’ focus remained steady right through, keeping the building’s reputation in mind, every effort made in its rebirth had to be extraordinary, beyond expectations. And, this is what has been accomplished. The Great Scotland Yard Hotel invites you to experience its myriad stories.”

The hotel offers multiple F&B options — The Yard, The Forty Elephants, The Parlour and Sibín — serving international and British modern food under the supervision of acclaimed chef and restaurateur Robin Gill.