Riyadh - Mubasher: Shuaa Capital Saudi Arabia (SCSA) announced on Monday that the construction and fitting works on the Centro Shaheen Jeddah Hotel has been finished, according to the company’s press release.

The property has been handed-over to the Rotana Hotel Management Company to begin operations, the statement indicated.

“This is an important day for Shuaa in Saudi Arabia. After many years of work, we have handed over our first property,” said Abdulrahman Al-Hareb, Chairman of SHUAA Capital.

The 252-room Centro Shaheen hotel is situated in the heart of Jeddah’s central district. It is a business hotel built to meet the demands of the new generation of travellers.

“This is our first delivery from our Saudi Hospitality Fund and the remaining two properties in Riyadh and Damman are due for completion by the end of 2017,” said Chairman of Shuaa Capital Saudi Arabia, Abdulelah Al Shaikh.

The Shuaa Saudi Hospitality Fund I is a shariah-compliant, close-ended real estate investment fund launched in August 2008 and established in partnership with Rotana Hotel Management Company. The committed capital for the Shuaa Saudi Hospitality Fund I is $145 million (SAR 535 million).