Summary of Proposed Investment
Project Number
8858
Company Name
ARAB INTERNATIONAL HOTELS
Date SPI Disclosed
Apr 1, 1998
Country
Jordan
Industry
Tourism, Retail and Property
Status
Completed
Sector
City and Business Hotel
Department
Regional Industry MAS MCT
Environmental Category
B - Limited
Previous Events
Approved : Jun 25, 1998
Signed : Aug 31, 1999
Invested : Sep 2, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Jordan: Arab International Hotels Company (AHIC) |
| Amman Marriott Project |
| Region | Central Asia, Middle East and North Africa |
Sector
Project No008858
Projected Board DateMay 15, 1998
Company NameArab International Hotels Company (AIHC)
Technical Partner and/or Major Shareholders
AIHC is a publicly listed company with a paid up capital of US$12.8 million. AIHC''s Chairman is Nadim Muasher, a prominent Jordanian businessman with interests in tourism, banking and textiles. The Muasher Group controls about 51% of AIHCs capital, the Jordanian government about 28% and the rest is owned by a number of private shareholders.
Project Cost Including proposed IFC investment
The total project cost is US$12.3 million of which the proposed IFC financing is the purchase of US$3.2 million in equity.
Location of project and Description of site
The project consists of the renovation and expansion of the Amman Marriott, a leading hotel located in the Shmeisani area of Amman.
Description of Company and Purpose of Project
The work comprises i) the complete refurbishment of all of the hotel''s 294 rooms; and ii) the addition of conference and banqueting facilities, a health club, retail space, movie theatres and an underground parking facility. The proposed expansion and modernization of the Marriott will boost the hotel to a 5 star international level allowing it to match the quality level expected to be provided by its competitors.
Expansion of quality tourism facilities is needed in Jordan to accommodate current activity in the sector and future growth. The project would not only generate foreign exchange and create direct jobs -about 300 jobs during construction and about 200 new jobs once the project is complete- but is also expected to have wider economic benefits, such as increasing additional spending by tourists on goods and services outside the hotel properties.
IFC’s main role in this project is to help raise the standards of hotel accommodation in Amman and help enhance confidence in the investment climate in this sector. Also, IFC will ensure that the project meets the World Bank environmental guidelines, thereby promoting environmentally sensitive development.
Environmental Category and Issues
This is a category B project according to IFC''s environmental review procedure. Environmental, occupational health and safety issues associated wih this project include: water and power supply, treatment and disposal of sewage; waste/garbage management and disposal; CFC in cooling and refrigeration systems; and fire protection and life safety. The Sponsor has indicated his willingness to comply with all relevant Government of Jordan and local standards, as well as World Bank environmental, health and safety guidelines with regards to the project.
The is April 15, 1998 from the Public Information Center.
| Date SPI sent to PIC | April 1, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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