23 November 2015

SHUAA Capital Saudi Arabia ('SHUAA') and Jumeirah Group today announced the signing of a Memorandum of Understanding (MOU) to form a strategic relationship to jointly explore opportunities in Saudi Arabia in order to develop hospitality projects to be operated under the Jumeirah brand.

Mr. Gerald Lawless, President and Group CEO, Jumeirah Group said: 'Saudi Arabia is of prime importance to the Jumeirah Group and each year we are delighted to welcome so many guests from the Kingdom to our existing portfolio of Jumeirah Group hotels in Dubai and worldwide. We now seek expansion for our hotels, both Jumeirah STAY DIFFERENT and our new lifestyle hospitality brand Venu, in Saudi Arabia and this MOU with SHUAA Capital Saudi Arabia further enables us to explore opportunities to bring our unique brands and experiences to the Kingdom. SHUAA has a strong performance for hospitality development in this market, and we look forward to progressing our relationship with SHUAA, and to working closely with their expert team, as we continue our expansion in the GCC region.'

Mr. Omar Al Jaroudi, SHUAA Capital Saudi Arabia CEO said: 'SHUAA Capital Saudi Arabia is proud to announce this strategic business relationship with Jumeirah Group, a leading international hospitality company with an outstanding portfolio in Europe, the Middle East, and Asia. This relationship represents not only the affirmation of our Company's in-depth knowledge and positive outlook towards the KSA market, but also our established record of accomplishments in hospitality-related investments in different parts of the Kingdom. We are optimistic that this MOU with Jumeirah Group will lead to greater commercial opportunities for the benefit of both companies and our investors.'

SHUAA Capital Saudi Arabia was established in 2008 as an entity aimed at capitalizing on the rapidly developing real estate and hospitality sector in the Kingdom via the acquisition and development of prime land and real estate in areas with strong long-term growth prospects. The Company has successfully been involved in the development of a number of projects, most notably via the Saudi Hospitality Fund I, an SAR 535 million Shariah-compliant real estate investment fund launched in 2008, under which three hotel projects in the Kingdom were developed.

Jumeirah Group currently operates 23 hotels in Europe, the Middle East and Asia, and has a further 25 Jumeirah and Venu properties in the development pipeline. Jumeirah's portfolio comprises of nearly 6,000 luxury rooms, suites and residences and its core offering is complemented by international restaurant, spa and related businesses. With properties already under management in Abu Dhabi, Dubai, Bodrum, Istanbul, Kuwait, London, Maldives, Rome, Shanghai, Baku and Mallorca, the Group has ambitious expansion plans, with an aspiration to operate up to 100 hotels worldwide by 2020.

About SHUAA Capital Saudi Arabia:
SHUAA Capital Saudi Arabia focuses on acquiring and developing prime land and real estate in areas with strong long-term growth prospects and supply-constrained market dynamics. The SHUAA Saudi Hospitality Fund I is a Shariah-compliant close ended real estate investment fund launched by SHUAA Capital Saudi Arabia in August 2008 under the laws and regulations of the Kingdom of Saudi Arabia. The Fund is offered as a private placement and regulated by the Saudi Capital Market Authority (CMA), in accordance with the Real Estate Investment Funds Regulations. The SAR 535 million Fund is managed by SHUAA Capital Saudi Arabia while the hotels in the Fund's portfolio are operated by Rotana Hotel Management Company.

About Jumeirah Group :
Jumeirah Group, the global luxury hotel company and a member of Dubai Holding, operates a world-class portfolio of hotels and resorts including the flagship Burj Al Arab Jumeirah. Jumeirah Hotels & Resorts manages properties in Dubai and Abu Dhabi, UAE, and Kuwait in the Middle East; Baku, Bodrum, Frankfurt, Istanbul, London, Mallorca (Spain) and Rome in Europe; the Maldives and Shanghai in Asia. Jumeirah Group also runs the luxury serviced residences brand Jumeirah LivingTM with properties in London and Dubai; the new contemporary lifestyle hotel brand VenuTM; the wellness brand TaliseTM; Jumeirah Restaurant Group DubaiTM; Wild Wadi WaterparkTM; The Emirates Academy of Hospitality ManagementTM; and Jumeirah SiriusTM, its global loyalty programme. Future openings include luxury and lifestyle hotels in China, India, Indonesia, Jordan, Malaysia, Mauritius, Oman, Russia, Saudi Arabia and the UAE. www.jumeirah.com

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