International Financial Advisors KSCC (Kuwait) Announces the Execution of a Memorandum of Understanding worth SAR 80'000'000.- between Abdul Mohsen Al Hokair Company for Tourism and Development JSC (Saudi Arabia) and MS Retail KSC (Kuwait)

Informations

• Publié par: ifa
• Nombre de lectures: 13
• Langue: English

Extrait

International Financial Advisors KSCC (Kuwait)

Announces the Execution of a Memorandum of

Understanding worth SAR 80'000'000.- between

Abdul Mohsen Al Hokair Company for Tourism

and Development JSC (Saudi Arabia) and MS

Retail KSC (Kuwait)

PR Newswire

KUWAIT CITY, Kuwait, June 11, 2012

KUWAIT CITY

,

Kuwait

,

June 11, 2012

/PRNewswire/ --

International Financial Advisors KSCC (

Kuwait

) ("IFA" or the "Company")

announced today that it has advised on and successfully arranged the

execution of a Memorandum of Understanding ("MoU") between MS Retail KSC

("MSR"), a leading developer and operator of specialty retail and entertainment

stores in

Kuwait

, and Abdul Mohsen Al Hokair Company for Tourism and

Development JSC of

Saudi Arabia

("Al Hokair"), a hospitality and entertainment

group with significant operations across the Kingdom and the GCC.

The intent of the MOU is for MSR and Al Hokair to financially and operationally

partner with each other for the purpose of developing one or more flagship

stores in key cities across the

Kingdom of Saudi Arabia

under the "BAROUE"

brand. BAROUE is a unique concept developed and operated by MSR in

Kuwait

that integrates specialty retail and entertainment targeted at 12 year olds and

under. BAROUE stores typically have areas exceeding 6'000 sqm and are

located in prime Malls where they constitute a key driver of foot traffic.

Al Hokair's track record in

Saudi Arabia

is very much aligned with MSR's vision

to develop and expand the BAROUE concept beyond

Kuwait

, especially into the

fast-growing Saudi Market which offers exceptional scale and profitability in the

amusement sector. In addition to its entertainment business, Al Hokair is a

major player in the hospitality sector with a portfolio of leading global and

regional brands of Hotels and Restaurants present in

Saudi Arabia

and across

the GCC. As recognition of its achievements, Al Hokair has recently received

two prestigious awards from the Saudi Commission of Tourism and Antiquities

(SCTA) as the best group in both the Hotel and Family Entertainment

categories.

Mohammed Al-Sayer, MSR's CEO, said: "When I went to

Riyadh

and together

with Majed Al Hokair, CEO of Al Hokair, visited their entertainment centers in

landmark malls, it became clear to us that Al Hokair was the right group to

team up and partner with in

Saudi Arabia

to study, develop and operate our

BAROUE stores, which are designed to cater for the recreational and retail

needs of 12 year olds and under, a consumer segment with phenomenal

growth prospects. Our Saudi partners have demonstrated the highest level of

interest and cooperation in working together with us to procure the retail space

and operational facilities needed for our expansion in

Saudi Arabia

. We are

excited and committed to working together with Al Hokair for many years to

come."

Jean Habre, General Manager of Entertainment at Al Hokair, was quoted as

saying: "Al Hokair is a company dedicated to bringing to market the most

successful and innovative entertainment concepts, and we view MSR as a

credible and much desired partner with a portfolio comprising, among others,

MINOPOLIS, a unique metropolis designed for children aged between 4 and 12

years. We believe Al Hokair's experience in developing similar projects will be

instrumental in facilitating our and MSR's joint efforts in this regard. Both

companies have similar philosophies when it comes to understanding the

entertainment business, and we believe this will be key to the success of our

joint efforts and projects."

Commenting on the deal, Bassel Attieh, Head of Investments and Executive

Vice President at IFA, which acted as the sole financial advisor to MSR, added:

"We are highly confident that MSR and Al Hokair's partnership in

Saudi Arabia

will develop into a very successful and profitable business. Today's deal is

another achievement for IFA's team of professionals who have yet again

demonstrated their ability to structure, execute and raise financing for cross-

border advisory mandates on behalf of clients"

International Financial Advisors KSCC (

Kuwait

) is a leading provider of financial

advisory, securities trading and asset management services. IFA is the flagship

company of an investment conglomerate with significant presence in

hospitality, real estate, asset management and financial services. The Company

operates globally with a special focus on the GCC,

South Africa

and

Asia

. IFA is

listed on both the Kuwait Stock Exchange (ticker: IFA KK) and the Dubai

Financial Market (ticker: IFA DB) and its conglomerate has a combined market

capitalization in excess of

US$ 2 billion

. For more information, visit

http://www.ifakuwait.com.

Disclaimer

This press release may contain or incorporate by reference information that

includes or is based upon forward-looking statements. These statements can be

identified by the fact that they do not relate strictly to historical or current

facts. They use words such "anticipate," "estimate," "expect,""project," "intend,"

"plan," "believe" and other words and terms of similar meaning in connection

with a discussion of future operating or financial performance. In particular,

these include statements relating to future actions, prospective services or

products, future performance or results of current and anticipated services or

products, sales efforts, expenses, the outcome of contingencies such as legal

proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be

affected by inaccurate assumptions or by known or unknown risks and

uncertainties. These statements are based on current expectations and the

current economic environment. They involve a number of risks and

uncertainties that are difficult to predict. These statements are not guarantees

of future performance. Actual results could differ materially from those

expressed or implied in the forward-looking statements.

Neither IFA, nor MSR nor Al Hokair undertake any obligation to publicly correct

or update any forward-looking statement if they later become aware that such

statement is not likely to be achieved. Please consult any further disclosures

IFA, MSR or Al Hokair may make on related subjects in their regulatory and

corporate filings.

CONTACT:

Nabil Zeineddine, Senior Investment Manager

Tel: [phone], Email: [e-mail]

Tasneem Yousef, Investment Officer

Tel: [phone], Email: [e-mail]