The M.A. Kharafi Group of Kuwait has established the Kiwan Tourist Investment Company to build, finance, equip, and operate a major tourism & commercial project – the “Kiwan project” – in the heart of Damascus (Omaweyine Square).
The Kiwan project will create the city’s only integrated development which will include an InterContinental Hotel, shopping mall, cinema complex, office space, world-class conference centre, meeting rooms, ballrooms, specialty shops, health club and spa. With these exceptional facilities the development is set to become a key attraction for both local and international travellers.
Further to a contract signed with the Syrian Ministry of Tourism, the M.A. Kharafi Group will develop the land obtained in April 2008, for 45 years of operation with a 3 year execution period. MAK Hotel Holdings, a member of the M.A. Kharafi Group, has signed an agreement with InterContinental Hotels Group (IHG), to develop a 370 room InterContinental Hotel within this development, due for completion in 2010.
With tourism to Syria increasing rapidly, according to the Ministry for Tourism visitor numbers grew 23 per cent in the first quarter of 2008; the Syrian Government has significantly increased spending on tourism, recognising the pivotal role that it can play within the nation’s economy. As part of this spending, the Government has implemented a substantial marketing campaign, coupled with planned infrastructure to improve leisure facilities across the country.
Mohamed Fahmy, Managing Director of MAK Hotel Holdings commented:
“This is an exciting development for our group and we are thrilled to be working alongside IHG to deliver an exceptional InterContinental branded hotel in the heart of Damascus. There is great investment potential throughout Syria and we look forward to expanding our portfolio within the region.”
About Kiwan Project
This major tourism & commercial project, by M. A. Kharafi Group, will develop 50,000 m² of land in the heart of Damascus (Omaweyine Square), further to a contract signed with the Syrian Ministry of Tourism for 45 years of operation with a 3 year execution period. The land was obtained in April 2008 and the project investment costs are expected to be $217 million.
The development will span 20 floors at a total height of 85 metres (160,000 m²), including 1,300 parking spaces. The style of this development is to be contemporary and the architects Khatib & Alami of Lebanon, in conjunction with David Wrenn Interiors have been engaged. The development will include the five star hotel to be managed by InterContinental, ball room, spa, shopping mall, cinemas, entertainment area, restaurants and cafes, and office space.
The hotel will feature 361 rooms and suites, including a presidential suite (950 m²) and 25 one-to-three bedroom furnished apartments including kitchenette.
The development conference centre (8,000 m²) will consist of a multifunction banquet hall (2,600 m²) for exhibitions, conferences, weddings etc., pre-function area (1,400 m²) and 6 meeting rooms. The banquet hall will accommodate 2,100 people (1,650 seated).
The development will also include a health club/spa (5,000 m²) including treatment & massage rooms, indoor and outdoor pools and terrace.
The shopping mall (to be managed by a specialized management company) will include retail space (26,000 m²), an entertainment zone (5,000 m²), games area (3,900 m²), four cinemas (1,100 m²; 600 seats) and cafes and large food court with 12 outlets (4,000 m²). The shopping mall will also host an international business centre (20 offices for international companies; total rentable area of 5,000 m²).
About M.A. Kharafi Group
Mohammed Abdulmohsin Al-Kharafi & Sons Company (M.A. Kharafi Group) is a private Kuwaiti based group with diverse interests and activities worldwide. Established as a trading company more than 100 years ago, it has since developed into a large multi-national company principally covering construction, manufacturing, IT, Aviation, Fast Food franchises, Agriculture, Real Estate and Hotels.
From 1956 with the advent of the construction boom, due to build-up of oil wealth in the region, Kharafi’s Construction Division quickly established a dominant presence, expanding in response to the demands of a rapidly growing nation. It today presents its clients with an unrivalled fully integrated offering, and is able to cope with virtually any type of civil engineering or construction project, having worked in some 25 different countries alongside some of the world’s foremost contractors and consultants.
A Grade ‘A’ International Contractor, the M.A. Kharafi Group has undertaken projects in the G.C.C., Africa, the Caribbean, Asia and Eastern Europe and has permanent branches located in the GCC, MENA , Africa and Europe.
In addition to its principal areas of activity the M.A. Kharafi Group also owns Americana, the largest food company in the Middle East, an airline, and investments that include Kuwait’s leading financial institutions and other companies listed on the stock exchange.
With an annual turnover of over US$4 Billion the M.A. Kharafi Group now operates in more than 25 countries and has more than 100,000 employees worldwide.
