KUWAIT: Global Investment House (Global) said yesterday that Mushaa Real Estate Company (Mushaa), which was launched recently in its final stages, has acquired a hotel in Makkah. The deal is financed through the latest increase in the company’s capital, which reached KD30 million, and is still open to investors.
Global raised Mushaa’s capital to KD30 million by issuing 290 million shares at a nominal value of 100 fils per share. The increase in capital is ongoing.
According to Omar El-Quqa, executive vice president at Global, the hotel consists of 159 rooms in addition to full-fledged hotel services that compare to five star hotels. Operations have already started, which will bring in operational profits to Mushaa following the acquisition.
He added that the hotel units would be promoted using the “Hisas Al-Mushaa system”, which is a time-share system compliant with the Shariah allowing the partial ownership of a real estate property for 20 to 50 years.
El-Quqa mentioned that the Global sponsored a 5-year agreement signed between Mushaa and Baz Real Estate Modern Systems Company (Baz) that will entail the latter to assist Mushaa in marketing Hisas Al-Mushaa through Baz’s network in the GCC and the region.
With regards to Baz expertise in this field, Baz began developing these products by presenting the Sukuk program in cooperation with Munshaat Real Estate Projects Company. This program was implemented in Zamzam Tower in Makkah.
Baz later developed the timeshare concept to suit the region’s customs and traditions as well as the teachings of the Shariah by creating the Hisas Al-Mushaa system. Baz presented several projects in the region utilizing the Hisas Al-Mushaa concept, which includes the Copthorne Hotel in Dubai and the C Tower in Bahrain’s luxurious Villa Mar project.
