NEWS ROOM

ADDAX Investment Bank's US$ 150 Million Deal Breaks Ground

Date : 31 July 2007

Addax Investment Bank has announced that the first ‘Express by Holiday Inn’ property has broken ground at Knowledge Village, Dubai, U.A.E.

Work Commences on the first ‘Express by Holiday Inn’ property.

Addax Investment Bank has announced that the first ‘Express by Holiday Inn’ property has broken ground at Knowledge Village, Dubai, U.A.E. Bahrain-based Addax Investment Bank structured the US$ 150 million deal to develop 20 Express by Holiday Inn Hotels across five GCC countries including Bahrain before 2010.

Ishraq Gulf Real Estate Company is the developer for the Express by Holiday Inn hotels and holds the exclusive rights to this international three-star brand across all GCC states except Saudi Arabia. Addax Investment Bank was the lead arranger for the landmark US$ 150 million deal; which in effect introduced the concept of ‘budget branded hotels’ to the Middle East.

Yousef Al-Essa, CEO, Addax Investment Bank and Vice Chairman of Ishraq’s board of directors stated, “The groundbreaking of the first ‘Express by Holiday Inn’ property in the U.A.E. is a milestone event that reiterates our commitment to developing 20 hotels, across five countries over the coming 5 years.”

“Work on site is progressing at a rapid pace with the first hotel scheduled to open in the summer of 2007. The Express by Holiday Inn chain is set to capitalise on the influx of tourists into the GCC states and will fill the gap in the market for economical, internationally branded hotels,” Al-Essa added.

The first Express by Holiday Inn property will have 244 rooms over four floors and will feature a range of amenities designed to meet the needs of both business and leisure travellers. The Express by Holiday Inn brand is one of the world’s most dynamic budget hotel brands with 1500 properties to its name worldwide.