JJW Hotels and Resorts profits hit a record in 2007

Published January 13th, 2008 - 02:00 GMT

JJW Hotels and Resorts, a subsidiary of MBI International owned by Sheikh Mohammed Bin Issa Al Jaber, announced a record-breaking profit of 276 million dollars for 2007, an exceptional growth compared to 2006 when profit reached 66 million dollars.

The exceptional profit rate comes on the back of a well-planned expansion strategy from the JJW management, according to which 1 billion dollars 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. 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 dollars.

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 dollars in Europe and the United States.

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 Sheikh Mohammed Bin Issa Al Jaber. The group enjoys annual revenues of 1.9 billion dollars and an asset base worth 6.6 billion dollars. MBI’s holding employs 11,000 people and operates in Saudi Arabia, Egypt, the UAE, Iraq, and across Europe and the United States. 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.

Sheikh Mohammed Bin Issa Al Jaber and through the MBI Foundation is directly involved in many charitable and educational activities and actively promotes the business and cultural interests of the Arab World. His desire to provide practical assistance to the community has led him to offer scholarship programs to deserving students from the Middle East to enroll in the top universities in Europe and the States such as Cambridge, Oxford, UCL, Westminster, LSE, City University, AUB and AUC. Sheikh Mohammed Bin Issa Al Jaber is also the founder of the Middle Eastern Studies School at University of London, while he also grants scholarships for Tourism and Hotel Management studies at MODUL University in Vienna in which MBI Foundation was a major contributor in its formation. He is also the special envoy to the General Manager of UNESCO for Education, Tolerance, Peace and Democracy


 


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