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Sico lands agreement for the sale of Novotel Al Dana Resort

February 28, 2023

Sico, a leading regional asset manager, broker and market maker, has landed a deal for Al Jazeera Tourism Company (AJTC) to execute a sale purchase agreement for 100% of Novotel Al Dana Resort in Bahrain to Gulf Hotels Group.

Najla Al-Shirawi, CEO of Sico said: “Sico has proficiently carried out its role in the success and seamless finalisation of this sale for AJTC. We leveraged our established and diversified experience in managing and executing on varied transactions in Bahrain and across the region to offer the best in-class advisory services to AJTC in the finalisation of their sale of Novotel Al Dana Resort.”

“Sico has expertly fulfilled its role as a trusted and experienced partner for us throughout the entirety of this process. Since the beginning of this transaction, the investment banking team has provided us with the invaluable advisory and efficiency that have allowed us to successfully accomplish this key milestone for our company,” said Hazem Al Mubarak, Chairman of AJTC.

Major step

Dr Hafed Al Mutawa, Vice Chairman of AJTC, said: “The sale of Novotel El Dana Resort is a major step for our company, and we were pleased to see this transaction through with a well-established hospitality player such as Gulf Hotels Group. This sale is aligned with our ongoing business strategy.”

Wissam Haddad, Head of Investment Banking and Real Estate at Sico, commented: “I am extremely proud of the dedication that our investment banking team has invested in the successful completion of this transaction for AJTC. We are glad to have been a key player in this strategic sale for the company, offering our support and expertise every step of the way in order to ensure the smooth and apt execution of the transaction, and we look forward to collaborating with them in the future to create further value and explore new opportunities.”

Sico investment banking has an established track record as a market leader and the partner of choice for M&A deals and IPOs in Bahrain. The Sico team has advised on some of the country’s largest and most complex transactions such as the KFH/AUB acquisition and dual listing, one of the largest banking acquisitions in recent history, the APM Terminals IPO, the most successful IPO on the Bahrain Bourse in a decade, and the acquisition of Bahrain Islamic Bank (BISB) by National Bank of Bahrain (NBB).