DUBAI, UNITED ARAB EMIRATES--(Marketwire - March 18, 2010) - King & Spalding, a leading international law firm, advised the SHUAA Saudi Hospitality Fund I in the purchase of land in Jeddah, Saudi Arabia, for a $133 million hotel development, the first-ever land acquisition by a hospitality fund in the Kingdom of Saudi Arabia. The fund plans to build a luxury project on the Jeddah Corniche overlooking the Red Sea consisting of a 35-story hotel tower with 250 rooms and 150 apartments.
The SHUAA Saudi Hospitality Fund I is a Shari'ah-compliant real estate development and hospitality fund managed by SHUAA Capital Saudi Arabia and is authorized by the Saudi Arabian Capital Markets Authority. The fund has an exclusive arrangement to develop and own Rotana-branded hotels in Saudi Arabia.
The King & Spalding legal team advising on this transaction was led by partner Nabil A. Issa of the firm's Riyadh and Dubai offices, with assistance from Abu Dhabi-based counsel Timothy N. Tucker, Riyadh-based associate Fahad B. AlMalki and Dubai-based associate James R. Stull. King & Spalding and its affiliated office in Riyadh previously advised SHUAA Capital on the formation of the SHUAA Saudi Hospitality Fund I.
For more information about this transaction, go to: http://www.shuaacapital.com/shuaa/webforms/DisplayNewsContent.aspx?ID=111803.
SHUAA Capital Saudi Arabia, a joint stock company headquartered in Riyadh, is a subsidiary of SHUAA Capital psc, a Dubai-based public shareholding company regulated by the UAE Central Bank and listed on the Dubai Financial Market. It is a leader in its five core business lines: investment banking, asset management, brokerage, private equity and finance.
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