MANAMA, Bahrain (January 20, 2011) — Range Hospitality, a dynamic, progressive and innovative institution focused on religious hospitality, at a press conference announced that it has entered into a strategic partnership with the Al Daaysi Group, one of the most prestigious families in the Kingdom of Bahrain.
An official signing ceremony took place hosted by the Managing Director of the Al Daaysi Group, Mr. Essa Al Daaysi and the Chief Executive Officer of Range Hospitality, Mr. Munaf Ali during the press conference held at the Capital Club, Bahrain.
On the occasion, Ali said, “we are honored to have partnered with one of the most prestigious business families in the Kingdom of Bahrain, the Al Daaysi Group. With the support and patronage of the Al Daaysi Group, we are confident of expanding our retail footprint in the Kingdom of Bahrain and the successful delivery of Al Rawdatain Residences by Shaza. Moreover we will soon be opening a retail showroom in Bahrain.”
During 2010, Range Hospitality a dynamic, progressive and innovative institution focused on religious hospitality, launched the Al Rawdatain Residences by Shaza hospitality complex in Iraq’s pilgrimage centre, Karbala, to cater to the significant shortage of accommodation for pilgrims.
Approximately 18 million pilgrims visit Karbala during the peak seasons every year. With the current lack of quality accommodation in the Holy City of Karbala, Al Rawdatain Residences by Shaza aims to fill this gap at reasonable prices through Range Hospitality’s Mulkiya Intifa’a (Shariah compliant fractional ownership) proposition.
Ali said, “Last year we have signed with one of the leading five star hotel brands Shaza Hotels (a joint venture between Guidance Financial Corporation and Kempinski Hotels S.A.) as the hotel operator for Al Rawdatain Residences by Shaza in Karbala. We have also appointed one of the region’s largest construction companies, the TCD Group for the construction of the development. Our construction is fully funded and with the Grace of God, construction is soon to commence.”
“As the first modern development to be built in Karbala, Al Rawdatain Residences by Shaza will have an elegant 12-storey residence structure at its core comprising a mix of fully furnished and serviced studios, one-bedroom and two-bedroom suites. Spread over 55,000 square metres, the development is designed and furnished in accordance with international standards, with full air conditioning and heating, including internet access and safety deposit boxes. The entire development will include a total of 624 suites, extensive public areas, a variety of restaurants, landscaped gardens, health facilities, 24-hour security, child care facilities, business centre, and other guest services”, Ali added.
Al Daaysi said, “Our two companies complement each other in many forms and we believe that together we will prosper and strengthen our business relationship. Bahrain is a significant market for the retail distribution of Mulkiya Intifa’a and we are confident to achieve our objectives. Range Hospitality’s Mulkiya Intifa’a offering which provides both investors and end users a concrete investment opportunity in the Holy City.”
“We have not come across such a strong and sound investment proposition in these challenging times that Range Hospitality offers. The investment is accessible to all through Mulkiya Intifa’a with an attractive payment plan. 70% of the payment is due upon handover because the construction is fully funded. The investment is secure through the escrow account provided by Standard Chartered Bank,” Al Daaysi explained.
Ali concluded by saying that, “We as partners share the long term vision for the religious hospitality sector. Today the religious hospitality industry is worth approximately $18bn with over 300 million travelers. With the addition of Mr. Al Daaysi to our board of Directors, Range Hospitality looks forward to grow from strength to strength.”
SOURCE: Range Hospitality