28378 - Zara CPLP

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Summary of Proposed Investment

Project Number

28378

Company Name

ZARA INVESTMENT HOLDING CO. LTD

Date SPI Disclosed

May 14, 2009

Country

Jordan

Industry

Tourism, Retail and Property

Projected Board Date

Jun 20, 2009

Status

Completed

Sector

Resort Hotel (Including Lodges)

Department

Regional Industry MAS MCT

Environmental Category

C - No Impact

Previous Events

Approved : Jul 23, 2007
Signed : Sep 30, 2009
Invested : Dec 11, 2009

Project Description

Zara Investment Holding Company Limited (“Zara” or the “Company”) is one of the largest, domestically owned, tourism companies in Jordan with a 29% share of the country’s 5-star market by room inventory. Zara intends to implement cleaner production initiatives across its various properties that include the installation of energy efficient lights, optimal operation of Heating Ventilation and Air Conditioning and Building Management Systems, installation of solar water heaters for pools and air conditioning chiller control automation system. More detailed break-down is :

- $1.1 million for conducting energy audit and implementing energy efficiency measures at five of its properties;
- $0.8 million for installation of solar panels for pool heating at Movenpick Tala Bay hotel; and,
- $0.3 million for installing computer based software for optimizing operations of water chillers at Movenpick Dead Sea and Aqaba; and,
- $0.2 million for solar panels at Dead Sea for the installation of solar panels to heat the water for the rooms (the “Project”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	20.0
Equity

Development Impact

The proposed project will help to reduce Zara’s high energy costs which well exceed hotel industry benchmarks. Zara will pilot the use of solar panels in one of its hotels, which it can replicate in its other properties by taking advantage of Jordan’s potential for solar-based renewable energy options. This is in line with IFC’s stated objective of creating demonstration projects that can showcase successful cleaner production efficiencies for others in the sector.

The project fits with IFC’s strategic Climate Change priority and specific corporate objective of supporting investments in energy efficiency and renewable energy. It supports PS3 which explicitly promotes the adoption of cleaner production practices among IFC’s clients. IFC will play a role in identifying and helping to finance such investments that bring about quantifiable benefits in terms of cost savings and positive environmental impacts. It will promote the concept of “Green Buildings” and provide a case to be shared with other tourism, retail and property development (TRP) sector clients.

This project will implement energy and water efficiency measures which were identified by energy and water efficiency audits undertaken by consultants commissioned by Zara. The project includes steam systems enhancements (an economizer, blowdown control and condensate return), solar water heating, lighting upgrades, and a series of heating, ventilation and air conditioning (HVAC) system control upgrades and recommissioning. All these measures are simple and well understood, and they present minimal adverse social or environmental risk. This is therefore an Environmental and Social Category C project.

Contacts

For Inquiries About the Project, Contact

Mr Ahmad Jamjoum,
Chief Financial Officer
Zara Investment (Holding) Co Ltd
P.O.Box 5315, Amman 1118

Telephone: +962-6-4646781
Fax: +962-6-4646782
Email: Ahmad.Jamjoum@zara.com.jo
Website: www.zaraholding.com

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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