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Mohamed bin Issa Al Jaber

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Mohamed Bin Issa Al Jaber (Arabic ‏محمد بن عيسى الجابر‎, DIN 31635 Muḥammad bin ʿĪssā al-Ǧābir, born 1959 in Jeddah) is a Saudi businessman, who also obtained the Austrian nationality in 2007,[1][2] known for hotel and resort investments through MBI International.[3] He lives in Paris, London, Vienna and Jeddah.

Al Jaber got married in 1978. He has two daughters, Mashael (1986) and Bashayer (1990), and a son, Mohsen (1992), all being co-investors with their father,[4] and hold executive responsibilities within MBI companies.[5][6][7]

Al Jaber was listed as a Saudi billionaire in March 2012 by Forbes.[8]

Business operations

Mohamed Bin Issa Al Jaber is chairman and CEO of MBI International & Partners, headquartered in London.[9][10]

His MBI International group compromises the following companies:

MBI International & Partners and its companies are estimated to be worth more than 6 billion euro.[11] In April 2011, Al Jaber announced that he owned 80% of the Group and mentioned a 300 million euro profit for the year 2010.[12]

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 US subsidiary of the failed Philipp Holzmann construction group. However, the negotiations failed.[13] 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.[14]

Portugal

In 2001, Al Jaber intended to buy 2 hotels Le Meridien from Nomura, and the Lameira estate, a property that was eventually sold to Irish group Oceanico.[15]

In Septembre 2003, Al Jaber and former Syrian minister Abdul-Kaleg Nihad Ibrahim Pacha took over the management of Quinta Vale Da Gondra Hotel e SPA (Unipessoal) Lda.[16]

In January 2008, Portuguese press reveals that Al Jaber is back in Algarve and invested about €200 million to buy from Starman (a joint-venture between the Lehman Brothers bank and Starwood Capital Group) the Hotel Dona Filipa in Vale do Lobo, the golf course San Lourenzo in Quinta do Lago, the Hotel Penina and its 3 golf courses. Other assets in the regions are the Pinheiros Altos Golf Resort, the Formosa Hotel and the Royal Algarve Hotel.[15][17][18][19]

Austria

In 2002, Al Jaber became known in Austria for the first time with the acquisition of the famous Grand Hotel from the Japanese airline All Nippon Airways. He later acquired The Ring hotel on Kärntner Ring.

In October 2006, Al Jaber bought the Corso Palace from Generali Versicherung, for about €70 million.[20]

In the beginning of 2008, Al Jaber propose to help financially troubled Austrian Airlines with investments through taking a 20% stake in the company. However, he withdrew his offer in May 2008 after the company published its negative quarterly results, accusing the company manager Alfred Ötsch of hiding him the level of trouble Austrian Airlines was facing.[21]

In July 2008, Al Jaber took a 60% stake in Kneissl Holding GmbH, an Austrian manufacturer of sports equipment. After several applications for insolvency and payment deadlines missed by Al Jaber,[22] JJA Beteiligungsverwaltungs GmbH bought the entire company back in December 2012 for €1,98 million, offering a 20% rate to the creditors.[23][24]

In 2009, JJW signed an agreement for the takeover and the expansion of the Palace Schwarzenberg Hotel in Vienna, along with Magnat Real Estate. However, two years later, project was still delayed for it had been ill-timed initially, so that JJW had still not funded the €20 millions promised for the stock. Magnat filed a complaint, which was settled amiably out of court in December 2011, for €2,65 millions.[25][26]

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 $65 million fund would serve as a bailout plan for local hotels facing financial difficulties.[27]

During the summer of 2007, the Tunisian Ministry of Tourism announced that Al Jaber and the Layco group of Libya had together acquired two luxury hotels in the centre of Tunis.[28]

London

In 2007, Al Jaber expanded the portfolio of the Guernsey-based JJW Hotels & Resorts group by acquiring The Eton Collection hotels for a reported £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.[29] Another group, Westmont Hospitality, purchased the five hotels for £55 million.[30] The London Berners Hotel, also owned by JJW Hotels & Resorts, was purchased by Marriott International.[31]

In 2008, Al Jaber personally guaranteed three loans contracted by his hotel and food companies from Standard Bank.[32] Following failure to repay the loans, the bank took Al Jaber to court in 2011, resulting in the freezing of his assets, which Al Jaber declared resulted in a personal loss of $1.6 billion.[33] The case was settled after the two parties reached a private settlement in December 2011.[34]

France

In July 2008 Al Jaber announced his intention to invest more than one billion euro in the Tours de Levallois project.[35] However, Al Jaber delayed the payment of €243 millions, and, in 2011, the city of Levallois went to court. As a result, planning application was revoqued and the city recovered the building land.[36][37][38][39][40][41]

October 2008, he announced plans to acquire 12 hotels in France from the Starwood Capital Group for $2billion.[42] In February 2009, the agreement was extended to two additional hotels: the Hôtel de Crillon and the Louvres hotel.[43] However, JJW Hotels & Resorts failed to pay an additional €100 millions as a frontline payment, leading Starwood to end the agreement and seek alternative investors. As a result, both sides filed complaints for breach of contract: Starwood for Al Jaber’s non-payment, and Al Jaber for non-respect of the exclusivity clause, seeking a €675 millions compensation.[44] On the 8th of April 2010, the Paris Commercial Court ruled that JJW had breached its contractual engagements and therefore terminated the agreements between JJW and the plaintiffs in March 2009. Furthermore, the Court ordered JJW to immediately pay Starwood€100 million, in addition to the €50 million already paid.[45][46][47][48][49][50][51] In February 2011, the Paris Court of Appeal confirmed the guilt, but cancelled the €100 million compensation.[52][53]

In April 2012, heavily indebted and approaching the deadline for repaying a 95.6 million euro loan from Aareal Bank, JJW France requested the Paris Court of Commerce to place it under safeguards.[54] Saveguard was granted upon the condition that Al Jaber will inject 15 millions euros in the company. However, the payment having not been made, on the 16th of July, the Paris Commercial Court ordered JJW France to enter receivership.[55]

Personal life

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.[56] Al Jaber founded the MBI Trust in London and subsequently endowed the MBI Al Jaber Chair in Middle Eastern Studies at the School of Oriental and African Studies (SOAS) at the University of London. In 2000, he was founding patron of the London Middle East Institute at SOAS, directed by the MBI Al Jaber Chair. Since 2005, through the MBI Al Jaber Foundation, has been a main partner of Connecting Cultures, an educational initiative that promotes dialogue with young people from the western and Arab world via wilderness expeditions.[57] 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 £1 million gift in support of the UCL Institute for Cultural Heritage. In 2007, Al Jaber agreed to invest 10% in the building of the Vienna Tourism University (Modul University Vienna), a project handled by the Vienna Economic Chamber.[58] In 2012, the MBI Al Jaber Grand Hall was officially opened at the University of Westminster following a careful restoration of the historic Grade II listed hall, a project made possible by a donation through the MBI Al Jaber Foundation.[59] Also in 2012, MBI Al Jaber sponsored the International Conference of National Commissions for UNESCO "Euro-Arab Dialogue: Contribution to a New Humanism" held in Vienna and organized by UNESCO with the support of the MBI Al Jaber Foundation.[60]

Education and Awards

Al Jaber holds the following honorary degrees:

  • an Honorary Fellowship from Corpus Christi College, Oxford (2009)
  • an honorary Doctor of Science degree from City University, London (2004)
  • an honorary Doctor of Letters degree from the University of Westminster (2004)
  • an Honorary Fellowship of London University at the School of Oriental and African Studies (2002)
  • the ALECSO Gold Medal for his support of UNESCO projects aimed at promoting education, culture and scientific activities in the Arab World
  • a Gold Medal of honour for special achievements in the economic and cross-cultural educational sectors of Vienna presented by the Mayor of Vienna
  • the Islamic Educational, Scientific and Cultural Organization (ISESCO) Gold Medal in recognition of his efforts to promote coexistence and foster a culture of tolerance and dialogue in a bid to enhance international cooperation.[61]

Controversies

In end of 2011, legal proceedings were filed against Al Jaber: as Chairman of the Board of Directors of AJWA group for Food Industries, the latter was accused of documents forgery and manipulation of stock prices. In December 2010, Al Jaber was trialed in absentia, sentenced to two years in jail and fined 2 million Egyptian pounds ($344,600).[62] Decision was appealed, and the prison sentence was reversed in May 2011, but not the fines.[63][64] The fines having not been paid, the attorney general ordered the temporary freeze of Al Jaber’s and his family’s assets in February 2012.[65][66][67][68]

In Mai 2011, Al Jaber publicly denounced a defamation campaign by Austrian Media: those had pointed at financial difficulties met in several companies that Al Jaber had invested in in the country. He accused the newspapers of reporting one-sided version of events.[69][70]

In an article published April 23, 2010, entitled Saudi Arabia: Free Trapped Migrant Workers, New York based,NGO, Human Rights Watch (HRW) identifies Jadawel International as a company failing to renew workers residency and work permits for Saudi Arabia and for nonpayment of salaries in a timely manner.[71] In a follow on article May 28, 2010, entitled Saudi Arabia: Company workers Unpaid, Trapped, HRW reports continuing labor law violations at Jadawel International’s Dhahran and Riyadh compounds.[72] on May 29, 2010 United Press International (UPI) published under “World News” Some in Saudi Arabia Unpaid, Stranded addressing nonpayment of salaries and non renewal of residency permits.[73] These concerns were further addressed to the United Nations High Commissioner for Human rights by Jorge A. Bustmante, Special rapporteur on the human rights of migrants.[74] In their World Report 2011, HRW provides an update to the Jadawel situation indicating a partial payment of salaries had been made in August 2010.[75] In their World report 2012 HRW indicates that as of August 2011 Jadawel employee salaries were again 6 months in arrears,”[76]

References

  1. ^ ""profil": Erste Einbürgerung von Mohamed Al Jaber scheiterte 2004", APA-OTS, 17 May 2008.
  2. ^ Josef Redl, ""Milliardär" Al Jaber: Warum zahlt er die Rechnungen nicht?", Profil, 21 April 2011.
  3. ^ "US has plan to develop Baghdad's Green Zone", The New York Times, 5 May 2008.
  4. ^ Founding statutes of the company MBI & Partners-F, registered in Paris, company registration number 452 969 983, Business Tribunal of Paris. March 25, 2004. Available on  www.infogreffe.fr
  5. ^ Al Jaber's daughter becomes co-manager of Kneissl Holding, ‘’Austrian Times’’, 19 February 2012
  6. ^ http://www.onesource.com/free/Search/People?q=Mashael%2BAl%2BJaber
  7. ^ http://www.onesource.com/free/Search/People?q=Bashayer%2BAl%2BJaber
  8. ^ Mohamed Bin Issa Al Jaber, Profile, Forbes, retrieved 4 June 2012.
  9. ^ MBI International & Partners
  10. ^ Companies in the UK
  11. ^ Andre Exner, "Al Jabers Baustellen bleiben offen", WirtschaftsBlatt, 2 May 2011 Template:De icon
  12. ^ "profil: Mohamed Al Jaber dementiert finanzielle Schwierigkeiten", APA-OTS, 25 April 2011 Template:De icon
  13. ^ "Stabilisierung ist vorrangig: Verkauf von Holzmanns US-Tochter aufgeschoben", Handelsblatt, 30 April 2003 Template:De icon
  14. ^ "One bombed compound owned by pro-Western Saudi", CNN, 13 May 2003.
  15. ^ a b Joao Tiago, Sheik dos Pinheiros Altos regressa à cena no Algarve, ‘’Barlavento’’, 23 January 208 Template:Pt icon
  16. ^ http://www.dre.pt/pdfgratis3s/2003/12/2003D280S001.pdf
  17. ^ Sheikh Mohamed Bin Issa Al Jaber compra hotéis D. Filipa e Penina, ‘’diari online’’, 19 January 2008 Template:Pt icon
  18. ^ JJW Hotels & Resorts compra San Lorenzo, Dona Filipa e Penina Hotel & Golf Resort, ‘’Presstur’’, 24 January 2008 Template:Pt icon
  19. ^ Joana Piedade, JJW Hotels investe mais 180 milhões de euros no Algarve, ‘’Publituris’’, 25 January 2008 Template:Pt icon
  20. ^ Irina Frühmann, "Scheich kauft Palais Corso", Wirtschaftsblatt, 5 October 2006 Template:De icon
  21. ^ "Mohamed Al Jaber sagt Engagement ab", Austrian aviation.net, 3 May 2008 Template:De icon
  22. ^ "Aufstieg und Fall der Schifirma Kneissl", Kleine Zeitung, 8 February 2011 Template:De icon
  23. ^ "Geld an Kneissl: Scheich Al Jaber räumt auf", Die Presse, 9 February 2012 Template:De icon
  24. ^ Beate Troger, "Kneissl gerettet, Sanierung des Scheichs angenommen", Tiroler Tageszeitung, 26 January 2012 Template:De icon
  25. ^ Leo Himmelbauer, "Scheich Al Jaber zahlt 2,65 Millionen Euro für Streit-Beilegung", Wirtschaftsblatt, 14 December 2011 Template:De icon
  26. ^ "Hotel Schwarzenberg: Doch kein Geld von Al Jaber?", Die Presse, 24 April 2011 Template:De icon
  27. ^ "Creation of $65m MBI Tunisia investment fund announced", Magharebia.com, 10 March 2003.
  28. ^ "Saudis and Libyans buy hotels in Tunis", Realigro Real Estate, 20 August 2007.
  29. ^ "Upmarket hotels group Eton collapses", Evening Standard, 17 June 2010. Retrieved 3 June 2012.
  30. ^ Janet Harmer, "Eton Group bought out of administration", Caterer and Hotelkeeper, 15 December 2010. Retrieved 3 June 2012.
  31. ^ Neil Gerrard, "Marriott buys Berners hotel for Edition brand", Caterer and Hotelkeeper, 9 November 2010. Retrieved 3 June 2012.
  32. ^ Jonathan Russell, "Saudi billionaire Sheikh Mohamed Bin Issa Al Jaber accuses Standard Bank in court of conflict of interest", The Daily Telegraph, 3 November 2011.
  33. ^ Bloomberg, "UK dispute cost me $1.6bn, says Saudi's Al Jaber", ArabianBusiness.com, 29 October 2011.
  34. ^ "Saudi sheikh buys hotel group out of administration", ArabianBusiness.com, 15 December 2011.
  35. ^ "MBI International Invests Over 1 Billion Euros In Two Towers In Levallois-Perret", Zawya, 30 June 2008.
  36. ^ David Bensoussan, "BNP Paribas sauve les finances de Levallois", Challenges, 4 July 2011 Template:Fr icon
  37. ^ Olivier Bureau, "Le cheikh ne paie pas ses tours jumelles", Le Parisien, 15 October 2010 Template:Fr icon
  38. ^ "Tours de Levallois project seeks new investors", PropertyEU, 8 March 2011
  39. ^ "Le projet des Tours Levallois à la recherche de nouveaux investisseurs", Agence France Presse, 11 February 2011 Template:Fr icon
  40. ^ Lionel Faubeau, "FAILLITE DE LEVALLOIS : LE PROJET DES 2 TOURS NE SE FERA PAS !!!", Except of the Levallois Town council meeting on the 28th of December 2012 Template:Fr icon
  41. ^ "Levallois dit adieu à ses tours jumelles", Le Parisien, 22 July 2011 Template:Fr icon
  42. ^ Karam, Souhail (26 October 2008). "Saudi group in $2 billion hotel deal with Starwood: paper". Reuters.
  43. ^ Pascal Carbillet, "Le Crillon passerait sous pavillon saoudien", L'Hôtellerie Restauration, 5 November 2010 Template:Fr icon
  44. ^ David Bensoussan, "Le Cheikh Al-Jaber gagne une manche dans la bataille du Crillon", Challenges, 14 February 2011 Template:Fr icon
  45. ^ [www.starwoodcapital.com/UploadedImages/JJW_Litigation.pdf "Paris Commercial Court upholds lawsuit filed by starwood Capital Group affiliates against JJW"], Starwood Capital Group, 9 April 2010
  46. ^ "JJW devra payer Starwood dans le dossier du Crillon", L'Agefi, 12 April 2010 Template:Fr icon
  47. ^ "Starwood Capital libre de vendre ses palaces français", L'Hôtellerie Restauration, 12 April 2010 Template:Fr icon
  48. ^ "Crillon : Starwood gagne face au saoudien JJW", Challenges, 9 April 2010 Template:Fr icon
  49. ^ "French court rules against JJW in Crillon dispute". Reuters. 9 April 2010.
  50. ^ "Crillon : Starwood Capital obtient 100 millions d'euros de JJW devant la justice", Les Echos, 12 April 2010 Template:Fr icon
  51. ^ "Crillon: la justice donne raison à Starwood", Agence France Presse, 9 April 2010 Template:Fr icon
  52. ^ "Différend avec JJW: Starwood Capital perd les dommages et intérêts en appel", Daily-Bourse.fr, 14 February 2011 Template:Fr icon
  53. ^ "Différend avec JJW: Starwood Capital perd les dommages et intérêts en appel", Agence France Presse, 14 February 2011 Template:Fr icon
  54. ^ Christophe Palierse, "Le groupe hôtelier du cheikh Al-jaber en procédure de sauvegarde", Les Echos, 13 April 2012 Template:Fr icon
  55. ^ Christophe Palierse"Redressement judiciaire pour le groupe JJW France du cheikh saoudien Al Jaber", Les Echos, 18 July 2012 Template:Fr icon
  56. ^ Verjee, Neelam (December 24, 2005). "Sheikh Mohamed Bin Issa Al Jaber". The Times. London. Retrieved 2010-12-31.
  57. ^ http://www.connectingcultures.co.uk/partners.aspx?sitesectionid=29&sitesectiontitle=Partners. {{cite news}}: Missing or empty |title= (help)
  58. ^ Magdalena Klemun, "Startschuss für private Tourismus-Uni", Die Presse, 11 July 2007 Template:De icon
  59. ^ http://www.mbifoundation.com/capital-grants/mbi-al-jaber-grand-hall-officially-opened-in-naming-ceremony. {{cite news}}: Missing or empty |title= (help)
  60. ^ http://www.unesco.org/new/en/unesco/about-us/who-we-are/director-general/singleview-dg/news/irina_bokova_dialogue_is_a_lifeline_for_understanding_and_respect/. {{cite news}}: Missing or empty |title= (help)
  61. ^ http://www.isesco.org.ma/index.php?option=com_k2&view=item&id=7201:isesco-director-general-awards-oragnaization%E2%80%99s-gold-medal-to-chiefs-of-unesco-and-mbi-al-jaber-foundation&Itemid=29&lang=en. {{cite news}}: Missing or empty |title= (help)
  62. ^ "Egypt sentences Ajwa chairman to jail in absentia". Reuters. 30 December 2010.
  63. ^ "Egypt fines Ajwa chairman $3.4 million", Al-Ahram, 26 May 2011
  64. ^ "CORRECTED - Egypt court fines Ajwa nonexecutive chairman". Reuters. 26 May 2011.
  65. ^ إسلام صلاح وحسين صبحي, "النائب العام يصدراً قرارا بالتحفظ على أموال محمد بن عيسي الجابر مؤقتاً", Amwal Al Ghad, 23 February 2012 Template:Ar icon
  66. ^ محمد حماد "التحفظ على أموال محمد بن عيسي الجابر على خلفية أزمة "أجواء"", Akhbarak, 23 February 2012 Template:Ar icon
  67. ^ http://www.efsa.gov.eg/content/efsa2_ar/EFSA%20News/News198.htm
  68. ^ محمد حماد, "التحفظ على أموال محمد بن عيسي الجابر على خلفية أزمة "أجواء"", Al-Ahram, 23 February 2012 Template:Ar icon
  69. ^ http://www.ots.at/presseaussendung/OTS_20110502_OTS0232/sheik-al-jaber-wehrt-sich-gegen-einseitige-berichterstattung
  70. ^ http://derstandard.at/1303291352166/Ich-liebe-Oesterreich-Scheich-Al-Jaber-will-noch-mehr-investieren
  71. ^ http://www.hrw.org/news/2010/04/23/saudi-arabia-free-trapped-migrant-workers
  72. ^ http://www.hrw.org/news/2010/05/28/saudi-arabia-companys-workers-unpaid-trapped
  73. ^ http://www.upi.com/Top_News/World-News/2010/05/29/Some-in-Saudi-Arabia-unpaid-stranded/UPI-13211275151976/
  74. ^ http://spcomms.ohchr.org/Docs/01ComRepSep2011/Com/HRC18/AL_Saudi_Arabia_19.08.10_(7.2010).pdf
  75. ^ http://www.hrw.org/world-report-2011/saudi-arabia
  76. ^ http://www.hrw.org/world-report-2012

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