UAE-based Abraaj Capital and Bahrain's Ithmaar Bank have created a joint venture company, The Serai Group, to develop and manage an international chain of themed sharia'h-compliant hotels. Promoters say the hotels will give travellers a genuine sense of Middle Eastern and Islamic-style living. The Bahrain-based company will be capitalised at $500m, partially funded by Abraaj and Ithmaar. [AMEInfo.com]
Posted July 05, 2006
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