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In April 2012, heavily indebted, JJW France demanded from the Paris Court of Commerce to initiate its safeguard procedure. This initiative intervened as the company reached, on April 19, 2012, the deadline for the refunding of its 95.66 million loan contracted from the AAREAL bank. In order to recover its assets the bank demanded that JJW goes under a bankruptcy procedure. The case is still on going in court.<ref>[http://www.lesechos.fr/entreprises-secteurs/service-distribution/actu/0202007875228-le-groupe-hotelier-du-cheikh-al-jaber-en-procedure-de-sauvegarde-312118.php Le groupe hôtelier du cheikh Al-jaber en procédure de sauvegarde, Actualités<!-- Bot generated title -->]</ref>
In April 2012, heavily indebted, JJW France demanded from the Paris Court of Commerce to initiate its safeguard procedure. This initiative intervened as the company reached, on April 19, 2012, the deadline for the refunding of its 95.66 million loan contracted from the AAREAL bank. In order to recover its assets the bank demanded that JJW goes under a bankruptcy procedure. The case is still on going in court.<ref>[http://www.lesechos.fr/entreprises-secteurs/service-distribution/actu/0202007875228-le-groupe-hotelier-du-cheikh-al-jaber-en-procedure-de-sauvegarde-312118.php Le groupe hôtelier du cheikh Al-jaber en procédure de sauvegarde, Actualités<!-- Bot generated title -->]</ref>

===Al Jaber sentenced to imprisonment in Egypt===
At the end of year 2011, legal proceedings were filed against Al Jaber: as Chairman of the Board of Directors of AJAWA group for Food Industries, the latter was accused of documents forgery and manipulation of stock prices. <ref name=autogenerated1>[http://www.alsharq.net.sa/2012/02/24/138121 النائب العام المصري يتحفظ على أموال المستثمر السعودي محمد بن عيسى الجابر<!-- Bot generated title -->]</ref>

The Cairo court of Commerce sentenced him on December 2011, to the payment of 2 million Egyptian pounds and to 2 years in prison for forgery and manipulation of stock prices <ref name=autogenerated1 />.


==Personal life==
==Personal life==

Revision as of 15:45, 3 June 2012

Mohamed Bin Issa Al Jaber (* 1959 in Jeddah) is a Saudi Austrian businessman, known for hotel and resort investments through MBI International.[1] He lives in Paris, London, Vienna and Jeddah and is married with three children.

Al Jaber was listed as a Saudi billionaire in March 2012 by Forbes Magazine.[2]

Business operations

Today, Mohamed Bin Issa Al Jaber is chairman and CEO of MBI International & Partners headquartered in London [3] and that was initially established on the basis of Jadawel International[4].

His MBI International group compromises the following companies: - JJW Hotels & Resorts, including luxury hotels in Austria, France, Portugal and the United Kingdom, Amarante 4-star hotels in France, Portugal and Egypt as well as Median 3-star hotels in and Stars budget hotels in France, - AJWA Group for Food Industries, an agri-food processing company, - Jadawel International, a company developing residential compounds for expatriates in Saudi Arabia, - and Continentoil.

MBI International & Partners and its companies are estimated to be worth more than 6 billion euros[5]. In April 2011, Al Jaber announced that he owned 80% of the Group and mentioned a 300 million euros profit for the year 2010[6].

International business

In 1982, Al Jaber founded Jadawel International Construction & Development. In 1989, JJW Hotels & Resorts was established in Portugal, it currently operates 60 hotel and leisure resorts in Europe and the Middle East. In 1992, AJWA Group for Agro and Food Industries commenced operations following the construction of the largest rice storage and processing facility in Saudi Arabia at Jeddah Islamic Port.

In 2003, Al Jaber opened negotiations to purchase J.A. Jones Construction, a Holzmann subsidiary facing financial difficulties. However, the negotiations failed.[7]. The same year, an Al Qaeda bombing attack took place in May at Al Jaber's Dorrat Al Jadawel residential compound in Riyadh. In February Al Jaber wrote to then US Defence Secretary, Colin Powell, in support of the removal of Iraqi President Saddam Hussein.[8]

Tunisia

In March 2006, during a press conference in Tunisia, Al Jaber announced the implementation of the MBI Tunisia Fund. Local media indicated that this USD 65 million fund would serve as a bailout plan for local hotels facing financial difficulties [9].

During the summer of 2007, the Tunisian Ministry of Tourism announced that Al Jaber associated with Libya’s Layco for the acquisition of two luxury hotels in the centre of Tunis [10].

London

In 2007, Al Jaber expanded the portfolio of Guernsey-based JJW Hotels & Resorts group acquiring The Eton Collection hotels, for a reported GBP 70 million. During the recession three years later, five of the hotels went into administration, although there were no employee redundancies. A further two hotels in the collection were unaffected.[11] Another group Westmont Hospitality purchased the five hotels for GBP 55 million.[12] The London Berners Hotel, also owned by JJW Hotels & Resorts, was purchased by Marriott International.[13]

In 2008, Al Jaber had personally guaranteed three loans contracted by his hotel and food companies from Standard Bank [14]. The bank took the Al Jaber to court in 2011 following failed repayment, resulting in the freezing of his assets; which Al Jaber declared resulted in a personal loss of $1.6 billion.[15] The case was settled after the two parties reached a private settlement in December 2011 [16].

France

In July 2008 Al Jaber announced his intention to invest more than one billion Euros in the Tours de Levallois project [17]. That October he announced plans to acquire, for 2 billion US dollars, 12 hotels in France from the Starwood Capital Group including the Crillon.[18]

In April 2012, heavily indebted, JJW France demanded from the Paris Court of Commerce to initiate its safeguard procedure. This initiative intervened as the company reached, on April 19, 2012, the deadline for the refunding of its 95.66 million loan contracted from the AAREAL bank. In order to recover its assets the bank demanded that JJW goes under a bankruptcy procedure. The case is still on going in court.[19]

Personal life

Al Jaber married in 1978, and has two daughters, and a son.[20]

Al Jaber is founder, sole patron and Chairman of the MBI Al Jaber Foundation, which provides scholarships to graduate students from the Middle East and sponsors educational and cultural projects that promote better understanding between the peoples of the Middle East and the wider world. Through the MBI Foundation he helped to start Olive Tree, a scholarship programme that enables Israeli and Palestinian students to study together. He has also backed female education in Saudi Arabia and is a Unesco special envoy.[21] Al Jaber founded the MBI Trust in London and subsequently endowed the MBI Al Jaber Chair in Middle Eastern Studies at the London University School of Oriental and African Studies (SOAS). He was founding patron in 2000 of the London Middle East Institute at SOAS, directed by the MBI Al Jaber Chair. In 2009 The MBI Al Jaber Building, which won a RIBA award for architectural excellence, was inaugurated at Corpus Christi College Oxford. In 2007, the MBI Al Jaber Foundation made a £1m gift in support of the UCL Institute for Cultural Heritage.

Education and Awards

Al Jaber holds only honorary degrees: - a Honorary Fellowship from Corpus Christi College, Oxford (2009), - a Doctor of Science honorary degree from City University London (2004) - a Doctor of Letters honorary degree from University of Westminster (2004), - an Honorary Fellowship of London University at the School of Oriental and African Studies (2002), - the ALESCO Gold Medal for his support of UNESCO projects aimed at promoting education, culture and scientific activities in the Arab World - and a Gold Medal of honour for special achievements in the economic and cross-cultural educational sectors of Vienna presented by the Mayor of Vienna.

References

  1. ^ US has plan to develop Baghdad's Green Zone - The New York Times, 2008/05/05/
  2. ^ http://www.forbes.com/profile/mohamed-bin-issa-al-jaber/%20 Forbes Magazine
  3. ^ http://www.mbiinternational.com/%20 headquartered in London
  4. ^ Company Index
  5. ^ Wirtschaftsblatt.at
  6. ^ "profil": Mohamed Al Jaber dementiert finanzielle Schwierigkeiten | Profil Redaktion GmbH. | ots.at
  7. ^ Stabilisierung ist vorrangig: Verkauf von Holzmanns US-Tochter aufgeschoben - Archiv - Handelsblatt
  8. ^ One bombed compound owned by pro-Western Saudi - CNN
  9. ^ Creation of $65m MBI Tunisia investment fund announced (Magharebia.com)
  10. ^ http://info.realigro.com/2007/20-08/saudis_and_libyans_buy_hotels_in_tunis_1300.html%20
  11. ^ "Upmarket hotels group Eton collapses". Evening Standard. 17 June 2010. Retrieved 3 June 2012.
  12. ^ Janet Harmer. "Eton Group bought out of administration". Caterer and Hotelkeeper. 15 December 2010. Retrieved 3 June 2012.
  13. ^ Neil Gerrard. "Marriott buys Berners hotel for Edition brand". Caterer and Hotelkeeper. 9 November 2010. Retrieved 3 June 2012.
  14. ^ Saudi billionaire Sheikh Mohamed Bin Issa Al Jaber accuses Standard Bank in court of conflict of interest - Telegraph
  15. ^ UK dispute cost me $1.6bn, says Saudi's Al Jaber - ArabianBusiness.com
  16. ^ Saudi sheikh buys hotel group out of administration - ArabianBusiness.com
  17. ^ http://www.mbiinternational.com/mbi-news/mbi-international-invests-over-1-billion-euros-in-two-towers-in-paris
  18. ^ Karam, Souhail (26 October 2008). "Saudi group in $2 billion hotel deal with Starwood: paper". Reuters.
  19. ^ Le groupe hôtelier du cheikh Al-jaber en procédure de sauvegarde, Actualités
  20. ^ Founding statutes of the MBI company on March 25, 2004
  21. ^ Verjee, Neelam (December 24, 2005). "Sheikh Mohamed Bin Issa Al Jaber". London: The Times. Retrieved 2010-12-31.

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