Kuwait Investment Authority (KIA), incorporated in Kuwait, owns 100% Share Capital of the company. KIA is an autonomous government body of Government of State of Kuwait and responsible for the management and administration of the General Reserve Fund (GRF), and the assets of the Future Generations Fund (FGF), as well as any other funds entrusted to it by the Minister of Finance for and on behalf of the State of Kuwait. KIA invests locally in Kuwait, Arab and International Markets including Pakistan with its main office located in Kuwait City, China Office and a branch office in London, UK.
The company owns 100% share capital of Arabian Gulf Enterprises (Pvt) Limited (AGEL), a company incorporated under Companies Act 1913. AGEL owns a precious plot of land, on the Club Road, on which state of the art Marquee project is functioning since last many years. AGEL is at the advance stage of finalization, through the assistance of immediate holding company and ultimate holding company KIA, for the launch of mega construction project for building up of hotel service apartments including retail outlets of international brands and convention hall, through foreign direct investment of US $ 100 million.
In order to put more prominence and importance of the hotel project of the company which is currently valued in 2015 at US $ 200 Million, investors have always relied to hand over the management of operations of the hotel to foreign collaborators of international brands with a view to ensure hospitality of utmost satisfaction and innovations of all corners in terms of hotel facilities.
For the purpose over three decades the hotel was operated by Starwood International with a branding of Sheraton. In the year 2013, the company entered into an agreement with a Swiss brand viz Mövenpick Hotels & Resorts. The new operator took over the charge of management of the hotel from 1st January 2014 and from that date the hotel operations are banded with Mövenpick.
INTERNATIONAL THEME OF THE PROPERTY
As all the hotels under the foreign collaboration agreement are to be rated accordingly therefore the company has always relied and maintained a panel of architecture and designers of international repute. In the era where hotel was operated with the branding of Sheraton, the theme of Starwood was very well maintained and witnessed. In order to provide a new theme for the hotel guests, compatible with the Mövenpick brand, a massive renovation and designing work was under taken without causing any disturbances to existing and potential guests, surroundings and neighboring localities of the hotel. The architecture and designing firms, on the panel of the company includes LWD Designer, Hasburner, Inprojects, Colliers, AAA Partnership (Pvt) Ltd., Designers East and Hasshmy Engineering.
MANAGEMENT OF THE COMPANY
The company is being managed by Board of Directors which comprises of four nominees of Kuwait Investment Authority including three nominees with Kuwaiti Nationalities.
At present following have occupied the management positions with the designations mentioned against their names:
|Mr. Nael M.D. Al-Homoud||Chairman|
|Mr. Khaled M.A.A.A. Al-Asfour||Vice Chairman|
|Mr. Sikander Mahmood||Chief Executive|
|Mr. Mashari A. Al-Henaidi||Director|
Company Registration Number & National Tax Number
DETAIL OF ASSOCIATED COMPANIES
Address of Registered Office / Head Office
MEZZANINE FLOOR, MÖVENPICK HOTEL KARACHI, PAKISTAN 75530.