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Dubai-based Zabeel Investments Enters Strategic Joint Venture With The Light Group
Venture will tap Arab region's estimated US$ 3 trillion tourism and leisureindustry
LAS VEGAS, Feb. 20, 2008 - Dubai-based diversified investment
group, Zabeel Investments has taken a strategic step into the hospitality
sector, through the acquisition of a fifty percent stake in leading US
hospitality development and management company, The Light Group.
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This partnership marks the first foray into the US market by the
fast-growing and dynamic investment house. The partnership unites the
experience and innovation of the Las Vegas-based Light Group with the
ambition and expertise of Dubai-based Zabeel Investments, delivering a
distinct offering to both the US and UAE hospitality and entertainment
sectors as well as markets further afield. The partnership continues the
existing relationship between Dubai and CityCenter in Las Vegas where The
Light Group will manage The Harmon Hotel, Spa & Residences, a property
owned and under development by CityCenter Holdings, LLC, a joint venture of
MGM MIRAGE and Dubai World. Additionally, Dubai World holds a significant
stake in MGM MIRAGE.
According to a report published by Global Futures and Foresight in May
2007, during the next 20 years, more than US$ 3 trillion will be invested
in the leisure and tourism industry in the Arab world, thus allowing
airport capacity for an additional 300 million passengers, more than 200
new hotels, and growing regional visitor numbers to 150 million people, all
of which are conservative estimates.
Commenting on the acquisition, Zabeel Investments' Executive Chairman,
HE Mohammed Ali Al Hashimi, said: "The Light Group is internationally
renowned for spearheading exclusive and innovative projects in the US such
as The Harmon Hotel. Our goal is to develop the hospitality industry in the
UAE and across the region -- an aim which encompasses all areas of this
sector from food and beverage to hotels and restaurants. In addition, The
Light Group can tap our UAE hospitality expertise, and evolve that to other
developments around the world.
"The Harmon Hotel will be an exclusive, private and environmentally
green luxury boutique hotel -- it is these concepts and values, which
synergize so well with our own, that have made the group one of the most
recognized and respected players in its field. The acquisition enables us
to draw on the experience of The Light Group and transfer its knowledge,
its brand of entertainment and innovative concepts and the highest service
standards back to the UAE market, which continues to develop and evolve at
a remarkable rate. In turn, we intend to support The Light Group as it
continues to expand its hotel management, food and beverage, and
entertainment portfolio further into key US cities."
"More and more the developments and growth found in the UAE and wider
region are leading the way internationally in terms of scope and ambition,"
commented Andrew Sasson, Founder and Owner, The Light Group. "This factor,
combined with the capability and vision that Zabeel Investments
specifically brings to the table, marks the beginning of an exciting new
chapter for our company that will see us escalating our portfolio
throughout the US and further afield. The partnership is founded on a
shared perspective of the potential that the hospitality sector holds
around the world and through this common outlook we intend to embark on a
number of pioneering projects."
Since its launch in February 2006, Zabeel Investments has made
significant inroads to the high-end commercial real estate development and
management sector in the UAE. Its development projects include the soon to
be completed Tiara Residence on Palm Jumeirah. The group also has under
development, the Tiara United Towers on Sheikh Zayed Road and America
Hotels & Resorts in Tatweer's AED 200 billion Bawadi entertainment themed
development, both of which mirror the creativity and high-end nature of The
Light Group.
In terms of strategic investments, the company holds stakes in a number
of international companies including the European Aeronautic Defence and
Space Company (EADS) and Sony Corporation.
About The Light Group
Based in Las Vegas, The Light Group is one of the United States'
leading hospitality development and management companies. Founded by Andrew
Sasson and his partner, Andy Masi, the company will manage and operate The
Harmon Hotel, Spa & Residences, one of the most luxurious, high-end
boutique hotels across the globe opening in late 2009 at CityCenter, a
joint venture between MGM MIRAGE and Dubai World.
The Light Group's portfolio also includes several food and beverage
properties at AAA Five Diamond Bellagio Resort & Casino, The Mirage Hotel &
Casino, Monte Carlo Resort & Casino and Treasure Island Hotel & Casino.
http://www.lightgroup.com
About Zabeel Investments
Founded in February 2006, Zabeel Investments is a Dubai-based
diversified investment company with business interests spanning commercial
real estate development and management, private equity and asset management
across a wide range of economic sectors in the GCC and other international
markets.
Zabeel Investments property portfolio currently comprises of
approximately AED 15 billion of prestige residential, commercial and
hospitality developments.
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SOURCE The Light Group
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