Mubasher: India’s Samana Global Business Solutions is seeking to expand its hotel footprint in Oman, Saudi Arabia, and the UAE.
To this end, Samana is in initial talks with a Oman-based hospitality firm for a potential acquisition of a hotel property in the GCC nation, Arabian Business reported.
Samana Global has received a proposal from an Oman-based hotel for a possible takeover, the group’s executive director Sabith Koramba said, adding that the company is “seriously looking at it."
Samana further noted that it is also negotiating with Saudi developers in Makkah and Madina to manage and operate a hotel under its brand.
The Indian developer is currently operating a 100-room hotel in Saudi Arabia under its Apollo Dimora brand.
As a major part of boosting its footprint in the Middle East, Samana plans to inject investments in the UAE, especially in Dubai.
Koramba further indicated that his company will decide later if it will raise presence in the UAE by collaborating with Emirati investors or via management deals.
The Indian group is expected to secure a large part of requisite financing for its proposed expansion plans from the returns of the $560 million Alternative Investment Fund (AIF) – SGF 2020.
Samana Global launched AIF-SGF in December 2018 in India and Abu Dhabi.
The Kerala-based diversified business group also owns investments in information technology (IT), healthcare, and real estate industries.
