Al Tayyar Travel Holding Group has acquired 100% of the shares of Muthmara Real Estate Investment Company, specialized in real estate development and construction of hotels and residential units in Makkah, after agreeing to purchase the remaining shares of its assets for a total of SAR 850 million, in implementation of its strategic plan to expand in the field of Hajj and Umrah services in Makkah through successful partnerships in the development of the Hajj and Umrah sector.<\/p>\n
Al Tayyar Travel Group Holding Company entered into a contract to purchase the remaining 25% of Muthmara Real Estate Investment Company for SAR 208.325 million, and the contract was signed on 21\/07\/2014 between Al Tayyar Travel & Tourism Holidays, a wholly-owned subsidiary of the group, and Muthmara Holding Company.<\/p>\n
Dr. Abdullah bin Hamad Al Mishaal, Chairman of Muthmara Holding Group, said: By the grace of God, Muthmara Holding Group has completed the sale of all the stakes in Muthmara Real Estate Investment Company to Al Tayyar Travel Group Holding, thus completing the sale of all stakes in Muthmara Real Estate Investment Company, where in Ramadan 1433H (July 2012) it sold 36% of the company's stakes worth 300 million riyals of the company's capital and assets, and in the first quarter of 2013 (April), Al Tayyar Travel Group purchased 39% of the company's assets and capital worth 341 million riyals, bringing the total acquisition to 75% worth 641 million riyals, and the value of the third and final acquisition was 208.3 million riyals. Representing 25% of the value of the remaining assets.<\/p>\n
Dr. Al Mishaal added: We are well aware in Muthmara Holding Group that our success in creating residential and investment products and major complexes in the accommodation and hospitality sector makes it imperative for us to expand in this type of investment to keep pace with the growing demand for this type of product, and the success of Muthmara Holding Group in investing in this field reflected on the size of the demand for it, and investing in it, and this is what prompted us in the group's board of directors to sell all shares of the company to Al Tayyar Group, in preparation for facing the benefits of the increasing demand for these projects, especially that the group expanded its projects and diversified its investments in Mecca, adding that the group is currently.<\/p>\n
For his part, Dr. Nasser bin Aqeel Al Tayyar, Vice Chairman and Managing Director of Al Tayyar Travel Holding Group, considered the group's move to acquire Muthmara Real Estate Investment Company as part of its strategic plan to expand in the field of Hajj and Umrah services in Makkah through successful partnerships in the development of the Hajj and Umrah sector. Dr. Al-Tayyar pointed out that the quality, quality and excellence of Muthmara's real estate assets motivated us to purchase the remaining shares and assets of the company, which includes 5 4-star hotels located in the central area of the Makkah Haram and 2 office towers.<\/p>\n
The agreement between Muthmara Holding Group and Al Tayyar Group, signed by Dr. Abdullah bin Hamad Al Mishaal, Chairman of Muthmara Holding Group, and Dr. Nasser bin Aqeel Al Tayyar, Vice Chairman and Managing Director of Al Tayyar Travel Group, included the sale by Muthmara of its entire stake representing 25% of the remaining 25% of Muthmara Real Estate Investment Company to Al Tayyar Group, resulting in 100% of Muthmara shares owned by Al Tayyar Group, worth approximately SR 850 million.<\/p>\n
Dr. Abdullah Al Mishaal said: \"This step means that we at Muthmara Holding Group are moving to larger and larger levels in developing quality projects in the hospitality sector, taking advantage of our great experience in Muthmara, whose assets were sold to Al Tayyar Group.<\/p>\n
Dr. Abdullah Al Mishaal revealed one of the major projects that are being developed in Makkah, which is the \u201cMa'ad\u201d project, which includes twenty-one towers designed by the American company SOM, one of the largest design offices in the world and the designer of the Burj Khalifa, and the huge project is built on the land of Nabasta, about 600 meters away from the new expansion of the Makkah Grand Mosque The construction area occupies one million square meters, and the project is located on roads and streets serving all towers, as well as shaded and air-conditioned pedestrian paths and roads, and the project includes a huge commercial mall that includes many international and local names in the retail sector, as well as chapels and large halls for meetings and celebrations.<\/p>\n
All the hotels and apartments that make up the project are 4-star hotels, and an understanding is currently being reached with a number of houses specialized in operating this type of hotels, and Dr. Al-Mishaal noted that the first phase of the project will be completed during the Hajj of 1437 AH, God willing, and will be completed during the Hajj of 1437 AH.<\/p>\n
He stressed that all our projects that we are working on aim to develop hospitality and housing projects in Makkah for pilgrims, Umrah pilgrims and visitors at affordable prices, and according to high-quality operation, in cooperation with some international houses of expertise in this field, stressing that all projects led by Al Mishaal Investment Group take this strategic approach that focuses on quality projects that provide affordable housing and hotel units.<\/p>\n
He welcomed investment and partnership with major investment groups to benefit from our extensive investment experience in Makkah.<\/p>","protected":false},"excerpt":{"rendered":"
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