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Ascott in serviced residence tie-up

(DUBAI) Ascott Group Ltd, the biggest serviced-residence operator in Asia and Europe, and a group of Middle Eastern investors have started a venture to buy and manage properties in Persian Gulf Arab states.

Bahrain-based Nuzul Holding BSC has US$100 million of start-up capital from founding shareholders including Qatar’s pension fund, Barwa Real Estate Co, and Saudi Economic & Development Co, the new company said in a statement posted on Dubai-based business website Ame Info yesterday.

‘Partnering with the reputed Ascott International has enabled us to introduce high-quality serviced residences to the Gulf states for the first time,’ Nuzul’s chairman Ali al-Obaidli said in the statement.

CapitaLand Ltd, Ascott’s parent company, in May said it agreed to invest US$130 million in a fund to develop residential and retail projects in Bahrain.

Ascott and Nuzul aim to manage 15 serviced residences in the Gulf by 2010 and at least 50 by 2017 to meet demand from business travellers and tourists, according to the statement.


Source: Bloomberg (Business Times 10 Sept 07)

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