Untitled

United Company for Investment and
Real Estate Development (ALMUTTAHED)
P.O.Box 221688, Riyadh 11311, Kingdom of Saudi Arabia
Tel: +966 14197000, Fax: +966 14198388
www.almuttahed.com
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CONTENTS
Introduction
2
Chairman’s Message
4
Vision, Mission, Strategies
6
Board of Directors and Executive Management
7
Organisation Chart
8
Future Strategy & Investment Plan
10
Current Projects
11
Future Projects
20
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ALMUTTAHED
The United Company for Investment and Real Estate Development (ALMUTTAHED)
was incorporated in April 2005 as a Saudi “Closed Joint Stock” Company with a capital
of two billion Saudi Riyals. The company has an innovative approach to real estate
development in the areas of construction, ownership, operation and management of
hotels, resorts, malls, commercial complexes including investment in key sectors of real
property development in line with the company’s vision and goals.
The Company’s current strategy is focused on property development and construction
of luxurious hotels in the main cities of Riyadh, Jeddah and Al Khobar including the two
holy cities of Makkah and Medina.
AlMuttahed has recently undertaken a number of significant measures and decisions
intended to bring about major transformations in the areas of project implementation,
customer services and the management of its resources, in accordance with globally
recognised best practices.
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CHAIRMAN’S MESSAGE
Recognised as one of the most active real estate
developers, AlMuttahed is a nationally acclaimed
developer of hospitality properties. In collaboration
with world class architects and design professionals
AlMuttahed creates properties distinguished by
sophisticated design, efficient floor plans and first
class amenities.
We have taken a series of actions that will make our
company leaner, more efficient, more effective and
ready to take advantage of the significant opportunities
that we see opening as weaker, less well prepared
competitors stumble.
All of us will feel the effect of these actions. However, we
have not and will not stray from the core values of this
organisation - accountability, fairness and compassion.
You have my word on that.
The past two years have been difficult for AlMuttahed.
We have had to discharge our mandate in the midst of
the worst world financial crisis in modern times, and
under intense pressure from others and scrutiny from
shareholders.
What we needed to focus on at the outset was to
immediately stabilise the Company after its very
existence had been threatened by the crisis. We are now
focusing our attention upon implementing the concept
of a fundamental strategic refocusing that is designed to
restore the Company’s competitiveness going forward.
AlMuttahed has, in these circumstances, been stretched
in discharging its statutory objectives in 2008 - 2009.
However, overall I believe we have responded well. We
have radically changed the operating model of the
organisation, introducing ‘Intensive Supervision’. We
have laid out an extensive set of proposals to change
the architecture for achieving our goals, and we have
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worked tirelessly to mitigate the effect of the crisis on
our ongoing and future projects.
While it is very difficult to predict when these unique and
difficult business conditions will pass, our vision remains
intact. We have an incredibly talented and committed
team that I am pleased to lead. Working together, we will
emerge stronger and more successful than ever before.
Our continuing great journey over the last 2 years
has been full of excitement and challenge as we set
out to achieve our goal of becoming one of the
leading companies in our field.
It is essential to recognise that we owe our success to
our shareholders for the trust they have put in us, and of
course to our employees who have been the back bone
of all our achievements.
Despite the good progress we have made over the last
months, we are all fully aware that it will take several
years and continued shareholders’ support to conclude
the strategic refocusing process, and to see its full effect.
Finally, I encourage you to visit the company’s
headquarters and facilities or look at our website
to find more information on the work we do. But to keep
it simple I can say that our mission is to invest in projects
that can make a major local economic impact and deliver
greater benefit to our shareholders.
Faisal Bin Ahmad Bin Abdulaziz
Chairman
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VISION, MISSION, STRATEGIES
Vision
Leading Saudi Real Estate Development Company Holding a Diversified Portfolio of Business Recognised
For its Efficiency, Effective Development & Operations
Capable of Executing Mega Projects On a Commercial & Best Practice Basis While Maintaining its Ethics
& Values
Mission
To become an international profitable Company working continuously and effectively in developing and
implementing viable real estate projects to the highest standard
Attaining long-term business stability
Diversifying the company’s commercial activities
Meeting shareholders expectations
Strategies
Engage in various real estate activities in the areas of construction, ownership, operation and management of
hotels, resorts, malls and commercial complexes
Invest in key real estate development related activities within the bounds of the Company’s mandate and goals in
compliance with the highest international standards
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BOARD OF DIRECTORS AND
EXECUTIVE MANAGEMENT
Board of Directors
Executive Management
HRH Prince
Faisal Bin Ahmad Bin Abdul Aziz Al Saud
Asaad Bin Ahmed Al Banwan
Amer Bin Awwad Al Loihaq
Khalid Bin Moh’d Al Aboudy
Abdul Mohsen Bin Abduk Aziz Al Fares
Moh’d Bin Abdul Aziz Al Alorsh
Hisham Bin Abdul Aziz Dakhil
Abdul Aziz Bin Abdulla Tashid Al Tuwaijri
Abdul Aziz Bin Hamad Al Zyiab
Khalid Bin Abdulla Al Araj
Hisham Bin Abdul Aziz Al Dakhil
Eng. Fayez Bin Owaid Al-Shammary
Khalid Abdulkarim Al-Gonisi
Chairman
Vice Chairman
Member
Member
Member
Member
Member
Member
Member
Member
Anas Bin Yousef Al-Doulatly
Sami Bin Abdul Aziz Alshenaiber
Managing Director
Chief Executive Officer
Vice President –
Support Services
Vice President –
Marketing & Operations
Vice President – Finance
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ORGANISATION CHART
Chairman and
Investment Committee
Audit Committee
Managing
Various Working
Committees
Internal Audit
Chief Executive
VP - Corporate Support
Information Technology
(IT)
Purchasing
VP - Finance
Human Resources
Treasury
Accounting and Financial
Reporting
Admin Services/
Security & Govt. Rel.
Stockholders' Relations
Budgeting/ Planning/
Analysis
Asset Mgt./ Insurance
Financial Systems
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Board of Directors
Executive Committee
Compensation &
Nomination Committee
Director
Corporate Strategic Planning &
Business Development
Legal Council
Officer (CEO)
VP - Operations & Marketing
Marketing
Operations
Projects
Sales and Marketing
Operations Services
Supervision
Public Relations
Hotels / Malls / Residential
Projects / Other
Investments
Design
Maintenance
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FUTURE STRATEGY AND
INVESTMENT PLAN
AlMuttahed firmly believes that excellence and
competitiveness requires creative and strategic thought.
Keeping this in mind, we believe that developing fresh
thinking for any company is a challenge in itself and
requires a change in the company’s corporate culture.
However, it has become essential to bring about change
at a time when competition in the real estate market has
become increasingly fierce.
AlMuttahed focuses its vision on achieving a qualitative shift
in the concepts of the real estate sector and transforming
it from its conventional business to play an active role that
contributes to the success of various economic and social
activities in the Kingdom. Its strategy concentrates on its
own relative advantage, economic growth, level of demand
and the significant gap in real estate products brought
about by population increase, higher income levels and
abundance of cash liquidity.
One of the major challenges faced by the Kingdom’s
real estate sector is the availability of land at reasonable
prices, developing such land, providing the infrastructure
and studying costs. All these constitute major challenges
given the legislative environment and the current
construction growth in the Kingdom, in addition to
finance and property mortgage regulations. These are
vital for growth and development.
To face such challenges and to develop an effective
corporate strategy, we are seeking to build up a high
level management, technical and financial team of highly
skilled young people and to rely upon state-of-the-art
business systems and environment. In addition, we are
seeking to take advantage of international expertise for
the development of ambitious projects that will bring
about the desired change and will reflect the Company’s
new vision and strategy.
The Company’s future business plan focuses on expansion
of real estate projects in the Kingdom by relying upon
our internal skills and by seeking the assistance of the
best international consulting firms whenever required.
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CURRENT PROJECTS
We currently operate two prestigious hotel projects in Makkah, Le Meridian
Towers and Le Meridian Hotel, through our association with Starwood Hotels &
Resorts Worldwide.
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Towers
1,324
Suites
2,400
Rooms
1,800
Metres from Makkah’s
Holy Mosque
350
Covered Car Park
60
Elevators and Escalators
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LE MERIDIEN TOWERS - MAKKAH
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LE MERIDIEN TOWERS - MAKKAH
A New Landmark in the Holy Capital
Le Meridien Towers is considered a giant architectural landmark in Makkah and Saudi
Arabia in terms of the volume of investment. Le Meridien Towers boasts a built-up area
that covers 168,000 square metres. This property is one of the largest hotels run by
Le Meridien hotel chain.
The project, which is directly linked to the grounds of
the Holy Mosque by tunnels leading to King Abdul Aziz
Gate, comprises eight towers and consists of 2400
rooms of which 1335 are suites divided into three
categories that cater to all requirements - Diplomatic,
Amiri and Royal. The suites are designed and furnished
by highly reputed international companies with various
designs and luxury specifications only found in this
property. The towers, which are located less than 1800
metres from the Holy Mosque, host distinguished
Moroccan, Asian and international restaurants in
addition to multi-purpose function rooms for events
and meetings, business centres for men and women,
a high-quality swimming pool and other hotel services
that offer an impeccable level of service for pilgrims
and visitors to Makkah.
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1,200
Seater Moroccan, Asian and
International Restaurant
500
Seater Grand Banquet Hall
1,000
Sq. m One-of-its-kind
Health Club in Makkah
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Variety Shops
300
Capacity Prayer area
for Men & Women
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Main Reception Areas
with Separate Coffee
Shops
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LE MERIDIEN TOWERS - MAKKAH
Main features of the project:
A coffee shop for drinks and snacks
A special child care area
Complimentary 24-hour shuttle service between the
Towers and the Holy Mosque
Medical services clinic
24-hour religious guidance office
Separate prayer rooms for men and women
Multi-storey car parks in each of the towers
Reception of the live transmission of the call to
prayers from the Holy Mosque
Reception areas and lounges in each tower
High standard shops offering a wide range of
quality products
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LE MERIDIEN HOTEL - MAKKAH
Traditional hospitality in a modern style
Le Meridien Hotel, Makkah, is one of the major landmarks in the Holy City and is
classified as five star accommodation. It is the first alliance between AlMuttahed and
Le Meridien Hotels Company which is part of Starwood Hotels & Resorts Worldwide.
The hotel occupies a strategic position on King Abdul
Aziz Street in the central region, a few steps away from the
Holy Mosque in Makkah. This is the perfect destination
for those seeking an atmosphere of hospitality. It allows
them to perform their rituals in an atmosphere of
tranquility and reverence.
The hotel consists of 22 floors and 255 rooms including
suites, and has been furnished with elegant furniture and
accessories. It offers a range of hotel services, as well as
a variety of restaurants and cafes in addition to a wellequipped conference room and business centre. The
hotel also has a main prayer room that is linked by audio
and video facilities to the Holy Mosque giving the hotel
guests a major advantage of performing prayers behind the
Mosque’s Imam without facing big crowds.
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22
Floors
255
Rooms
and Suites
3
Restaurants with a view
of the Holy Mosque
250
Metres away from
the Holy Mosque
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FUTURE PROJECTS
The Company has invested in numerous real estate opportunities by acquiring plots of
land in different areas of the Kingdom with the aim of constructing a number of hotels
and real estate hospitality projects. This kind of investment has low risks in comparison
to other areas of investment.
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AL KHOBAR HOTEL
Overlooking the Gulf Coast
AlMuttahed has embarked upon designing a five-star hotel in Al Khobar in the Eastern
province overlooking the Gulf coast. This development is part of the plan of “Shbaili High
Rise” near King Fahad Causeway leading to the Kingdom of Bahrain on 12,416 square
metres of land owned by the Company. The property is located on King Fahad Road
which is the natural extension of the Al Khobar Corniche.
The total built-up area amounts to around 45,000
square metres and the hotel consists of a main structure
comprising 15 floors with the following facilities:
A spacious, luxury lobby and reception area with a
high ceiling
High quality restaurants overlooking the Gulf waters
Diverse shops and boutiques
Coffee-shops, lounges and outdoor swimming pools
Well-equipped health club comprising large
gymnasium rooms, indoor swimming pools in
addition to massage rooms
Five conference rooms with different areas and
configurations
Separate building with a function hall that
accommodates more than 50 people in addition
to a large banqueting room, reception area and
related service facilities
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15
Floors
45,000
Sq. m Total
Built-up Area
300
Rooms and Suites
500
Seater
Banquet Hall
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AL KHOBAR HOTEL
The hotel also comprises 300 luxury rooms and suites
of different levels classified as follows:
A prestigious Royal Suite occupying a complete floor,
comprising reception, dining rooms and spacious
bedrooms. It has its own health club, swimming pool
and other hotel services that make this suite unique
Several diplomatic and executive suites
Hotel rooms overlooking the sea
Luxurious hotel rooms
Plus other high quality services that make the hotel
the most elegant tourist accommodation
Al Khobar Hotel will be operated by an international
hotel and hospitality brand. The Company is currently
negotiating with several international hotel operators
for selecting a highly reputed brand that is known for
its high level of customer care and service. Such brands
include the following:
Westin
Sheraton
Fairmont
Grand Hyatt
Intercontinental
Other reputed hotel brands are involved in this
ongoing exercise and the hotel is expected to be
inaugurated by 2013.
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AL MADINA MUNAWWARA HOTEL
Unique Spiritual Nature
This hotel will be built on a plot of land which is part of the endowment of Othman Bin
Affan, may God bless him, located on the eastern side of the central area near the Holy
Prophet’s Mosque in Medina. The Company will invest in this land for 25 Hijra years in
order to build a five star luxury hotel.
The area of land totals about 1054 square metres and
overlooks three roads. The plan involves constructing a
built-up area of around 16,100 square metres comprising
210 hotel rooms and 30 suites on 15 floors with 24
rooms and suites in each of the upper floors. The hotel
will have two large restaurants, 6 retail units and all the
hotel services expected of a five-star property. The hotel
is expected to become operational by 2012.
The proposed hotel will be operated by Sheraton,
which is one of the leading brands of Starwood
Hotels & Resorts Worldwide. This will further enhance
AlMuttahed’s ability to generate higher returns from its
properties run by leading international hotel chains.
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15
Floors
240
Rooms
and Suites
20
Metres from the Holy
Mosque with a direct view
16,000
Sq. m Total
Built-up Area
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13
Floors
250
Rooms
26,000
Sq. m Total
Built-up Area
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RIYADH HOTEL
A new landmark in Riyadh
The Company plans to build a 6000 square metre five-star hotel overlooking a trunk
road in the northern part of Riyadh city. The project is expected to be completed
within 24 months upon completion of the designs and land excavation operations.
The total built-up area will be 26,000 square metres and the hotel will comprise
13 floors, consisting of the following:
A Royal Suite
Diplomatic and executive suites
250 hotel rooms
3 main restaurants (Asian, Arabic and International)
Well-equipped health club with indoor swimming pool
A main function hall with a capacity of up to
400 people
A business centre and 4 conference rooms with
different configurations
Shops and all other hotel services
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JEDDAH HOTEL
Magnificent views of the Western Coast
This project involves the construction of a 5-star hotel located near the Jeddah City
Corniche and will overlook the sea. Its design and construction are expected to take
around 3 years and will comprise the latest specifications of 5-star hotel properties
including the following:
Luxurious and varied hotel suites
300 spacious hotel rooms
Panoramic lifts
A grand lobby with a high ceiling to enhance its luxury
and distinctive style
Top quality restaurants overlooking the sea
A function hall for premium clients, accommodating
500 people with all ancillary services
Fully-equipped health clubs exclusive to men and women
Multi-purpose conference rooms with different areas
Coffee shops and elegant verandas
Covered car parks
The above are in addition to the other facilities
offered by 5-star hotels
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20
Floors
300
Rooms
& Suites
5
Assorted Restaurants
500
Seater Banquet Hall
30
500
Villas
5
Different Designs
3
Main Cities
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ALMUTTAHED VILLAS
Diversity to meet the needs of all segments of society
The project involves the construction of residential units on carefully selected sites in
some of the Kingdom’s main cities such as Riyadh, Al Khobar and Jeddah. Customers for
the project are middle class clients who represent the biggest segment in the society.
The project takes into account the following factors:
High quality sites close to the key centres in the city
Diversity of architectural designs that suit all tastes
and desires in the community
Balancing between the available budget and required
specifications
Offering various areas with options that suit the
family size
Ensuring excellence of designs and product quality
Providing after sale maintenance at nominal prices
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ROAD MOTELS PROJECT
Modern motels with fully integrated facilities
Al Muttahed has an ambitious plan to build Road Motels that cater to the needs of travelers
on the Kingdom’s highways. Each of these facilities will require a total area estimated at
50,000 sq. m. The project will consist of the following at each location:
Hotel
A 3-star hotel, comprising 50 rooms on 2 storeys, with
a total area of around 4,000 sq. m. It will also feature
a main restaurant, laundry, kitchen, lobby area, general
services and ample car parking in a landscaped area with
an outdoor verandah. It is proposed to use prefabricated
concrete for its construction.
Service Buildings:
Supermarket
Outdoor restaurant
Retail outlets such as laundry, barber shop, gift shop
and other outlets
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50
Rooms
50,000
Sq. m Total Area
400
Sq. m Mosque for
Men and Women
90
Car and Bus Parking
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ROAD MOTELS PROJECT
Service Area:
For 10 petrol pumps with a covered shade and an area
of 1000 sq. m.
3 diesel pumps with a covered shade and an area of
200 sq. m.
Car service building with a total area of 420 sq. m.
consisting of:
• Oil change workshop
• Car tyre repair and replacement workshop
• Car wash workshop
The above are in addition to workers’ quarters in the
upper floor of the car service building occupying a total
area of 500 sq. m.
Public Facilities Buildings:
Prayer rooms for men and women with an area of
400 sq. m.
Bathrooms for gents and ladies with an area of
100 sq. m.
Outside parking for buses and cars accommodating:
• 70 car parks
• 20 bus parks
• A small retail outlet (for coffee and car services)
with an area of 40 sq. m.