Al-Hokair Group to invest Dh150m in UAE

Saudi Arabia’s Al-Hokair Group, one of the largest entertainment and hospitality firms in the UAE, will invest Dh150 million in UAE over the next 3 years, said a senior company official in Dubai on Wednesday.

Speaking to Emirates 24l7, Mishal Abdul Mohsen Al-Hokair, Vice President, Marketing and Business Development at Al-Hokair Group, said the group will expand hotels and family entertainment centres portfolio in the UAE by investing Dh150 million in both the sectors.

The group has invested Dh50 million in two family entertainment centres in Al Ghurair Centre, Dubai, and Lulu Centre in Fujairah.

Mishal was speaking on Wednesday at the opening of entertainment centre Sparky's flagship project in Al Ghurair Centre. The projects houses an indoor ice rink, 15 exhilarating rides, 60 arcade games, 5D Cinema and a vast soft play area. The Fujairah entertainment centre will open later this year.

The group currently owns and operates 51 family entertainment centres in Saudi Arabia and UAE with 7 of them in the latter. Among its hospitality portfolio, it has 29 hotels with two of them in the UAE. Established in 1965 in Saudi Arabia, it entered the UAE in 2008.

Mishal said talks are underway for new hotels and entertainment centres in the UAE and will hear the good news soon.

The group's entertainment centres received 15 million visitors last year and Mishal expects 20 per cent increase in the number of visitors in 2014.

Mishal confirmed media reports that Al-Hokair Group is working on an initial public offering (IPO) and aims to list on Saudi Stock Exchange.

“We plan to do an IPO and have appointed an advisor but there’s no time frame. We hope to list on Saudi bourse and will offload considerable stake,” he added.

Mishal said the company's revenues increased 14.3 per cent last year and expects them to grow faster at 20 per cent this year as it expands its focus operations in neighbouring countries.

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