Shuaa hospitality fund seeks more acquisitions in 2010

14 April 2010

Omar al-Jaroudi, chief executive of Shuaa Capital Saudi Arabia, has said the firm hopes to raise more money for its hospitality fund through a second closing in October and to make more acquisitions this year as market conditions improve, Reuters has reported. The fund, which had its first closing in 2008, aims to raise close to SR2bn ($533m), he said. Shuaa launched its private equity hospitality fund with an aim to acquire hotels to be managed by Rotana Hotel Management Corp, Jaroudi said, but it only made one acquisition last year as market conditions were uncertain.

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