MANAMA, 9 September 2007 — In line with the projections of 69 million tourists to visit the Middle East region by the year 2020, Nuzul Holding Company — registered and based in Bahrain — with an authorized capital of $500 million and a paid up capital of $100 million, launched its operations yesterday at the Ritz Carlton Hotel and Spa.
The company, operating from its headquarters in Bahrain, has been set up with the mission to raise the standard of serviced residences in the Arab region hospitality sector.
In line with its strategy to introduce world-class serviced residences to the region, Nuzul Holding has entered into a partnership with Ascott International, the world’s largest international serviced residence operator outside the US.
“Our aim is to fulfill the increased demand for luxury, serviced residences that appeal to business travelers, families and tourists alike,” said Ali Al-Obaidli, chairman, Nuzul Holding.
While we are on track to launch 15 serviced residences by the close of 2010, our strategic aim for the next 10 years is to acquire not less than 50 residential properties “ Obaidli added. Last year Nuzul Holding acquired two serviced residential properties in Bahrain and Qatar.
The 118-unit Somerset Al-Fateh, Bahrain has already been operational since April 2007 while the 200-unit Somerset West Bay, Doha, Qatar is targeted to open in November 2007.
