|Middle East and North Africa Business
Report, Amman, JordanMcClatchy-Tribune Business News
July 20, 2006 - On Wednesday, an announcement was made between Jordan Dubai Capital (JD Capital) and Ishraq Gulf Real Estate Holding to develop three 'Express by Holiday Inn' hotels in Jordan. The hotels will be constructed in Jordan's major cities at a cost of JD 30 million and will form part of an aggressive five year plan to develop over 36 Express by Holiday Inn hotels in the Middle East region.
The agreement was signed at a press conference held at the InterContinental Jordan attended by Ismail Tahboub, Senior Vice President at JD Capital; Sami Al Ansari, C.O.O. of Ishraq Gulf Real Estate Holding Co; Günter Grigoleit, Director of Operations, InterContinental Hotels Group, Jordan; Bani Haddad, Project Director of Hospitality Management Services (HMS) and Salim Nazzal head of Project Finance at the Social Security Corporation Investment Unit. Sami Al Ansari, said: "We are delighted to partner with Jordan Dubai Capital on this project, which is our first venture outside the GCC region and a sign of our strong commitment to the Middle East market.
Samir Rifai, CEO of JD Capital, commented that this new alliance is in keeping with JD Capital's strategic plan of sourcing value-added business ventures that will contribute to economic growth in Jordan. "This deal marks the next strategic step in taking Jordan's thriving tourism sector forward by filling a gap in the market for affordable, quality accommodation." Hospitality Management Services, who are the master franchise developer and operator of Express by Holiday Inn in the Gulf states, will operate the Express by Holiday Inn hotels in Jordan. The hotels will contain up to 500 rooms to satisfy demand for affordable quality lodgings in Jordan.
The Social Security Corporation (SSC) has showed its interest in projects of this nature and magnitude.
The World Tourism Organization recently reported the Middle East is the the fastest growing region in the world for tourism. It is growing by 6.7 percent annually, which will result in an annual influx of 69 million tourists by 2020.
Developed by InterContinental Hotels Group, Express by Holiday Inn is the world's largest budget brand and is growing rapidly. Worldwide, there are more than 1,500 Express by Holiday Inn properties with more than 120,000 rooms. "Budget travellers are now the largest sector of the burgeoning travel industry and that worldwide trend is being mirrored right here in the Middle East where there has been a shift in the market due to the gap in internationally branded value hotel accommodation throughout the region," said Chris Moloney, Chief Operating Officer, InterContinental Hotels Group Middle East and Africa.
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