JJW Hotels profits soar to $276m
London, January 14, 2008
JJW Hotels and Resorts has posted a record profit of $276 million for 2007, an exceptional growth compared to $66 million in 2006.
JJW is a subsidiary of MBI International owned by Shaikh Mohammed bin Issa Al Jaber.
The exceptional profit comes on the back of a well-planned expansion strategy from the JJW management, according to which $1 billion were invested in Europe, mainly in Great Britain, Austria, France and Portugal.
The expansion strategy included the acquisition of the Corzo Mall and the luxurious “Palais Schwarzenberg” in Vienna, as well as the “Eton Collection” hotel chain in the UK, said an official spokesman.
JJW also reopened in September 2007 the iconic Balzac Hotel in Paris after refurbishing it and its newly acquired The Ring hotel in Vienna, confirming JJW’s leading position amongst luxury hotels groups, with more than 50 hotels in the world and an asset base worth more than $2 billion.
JJW Hotels & Resorts’ encouraging results for 2007 have given the group the confidence to carry through with its expansion strategy. In 2008, JJW will build on these results and focus its expansion at the high end of the hospitality market, by planning to invest close to $1.5 billion in Europe and the US.
JJW Hotels & Resorts owns and manages iconic hotels and resorts in Europe, the Middle East and North Africa, with a significant presence in France, UK, Portugal and Austria.
On the other hand, “MBI International”, represents all the companies and industries owned by the Arab businessman Shaikh Mohammed bin Issa Al Jaber.
The group enjoys annual revenues of $1.9 billion and an asset base worth $6.6 billion. MBI’s holding employs 11,000 people and operates in Saudi Arabia, Egypt, the UAE, Iraq, and across Europe and the US.
MBI International comprises four key entities: JJW Hotels & Resorts, Ajwa Group for Food Industries, Jadawel international for Real Estate development, and Continent Oil for Petroleum Investments. Furthermore, MBI International is also active in investing in banks and financial companies. – TradeArabia News Service
