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“Ramallah Movenpick “Project at the End of this Year and will be Operating Next March

2007-07-15

The Arab Hotel Company (AHC) expects to finish its

“Ramallah Movenpick “Project at the End of this Year and will be Operating Next March

(AHC) expects the completion of all operations dealing with the Ramallah Movenpick project by the end of this year. It will officially be opened to the public as of March 2008.The company’s chairman Walid Al-Ahmad stated that the projects achievement is progressing according to plan and the rate of achievement is 70%.He added that he expects the completion by the end of the year but of course this depends on the political and economical developments in the country. The original cost of the project is $22 million. But the project expanded by adding an area of 22 thousand square meters to 28 thousand square meters. This will higher the total cost of the project. The hotel contains approximately 190 rooms, in addition to other facilities such as a gym, swimming pool and other recreational spaces. In addition to parking lot spaces. Al-Ahmad said that the company intends to start implementing a project on another piece of land to the newly included land area of 2.65 dunam. The project includes a new hotel and apartments, estimated to cost around $7million dollars. The new project will be financed from the company’s own sources and bank loan collections. The board of the (AHC), last Wednesday, held its 4^th meeting of this year to brief on the progress of work in the Ramallah Movenpick project and other investments. In addition to the company’s financial situation and financial portfolio. Ahmad said that the company is considering increasing its investments in new projects and contribute to ongoing projects in Ramallah and elsewhere. This includes the establishment of a tourist academy. Ahmad revealed he came a long way in the preparation of the academy, and our draft studies show very promising signs and they have begun licensing procedures. There is a great need for these service departments. With regards to possible funding sources for new investments of the company,Al-Ahmad stated it could lead to an increase in the company’s capital to up to 20 million Jordanian dinars, in addition to obtaining loans and the introduction of new strategic partners. He received several offers from local  and overseas investors  to enter as strategic partners in the company and he is actually studying these offers.Al-Ahmad also said that the political developments that have taken place recently ,especially in Gaza, and the consequent changes did not affect the work of the company. He said plans are proceeding despite political developments. What happened did not have a direct impact on the company’s activities, but perhaps leaving an indirect influence where we are now more cautious in dealing with the expansion projects in new investments.