Kuwait's Sheikh Mubarak in talks to launch financial vehicle in Australia

Kuwait's Sheikh Mubarak in talks to launch financial vehicle in Australia
Kuwait's Sheikh Mubarak in talks to launch financial vehicle in Australia
Published: 15 September 2019 - 7:30 a.m.
By: Shane McGinley

Kuwait’s Sheikh Mubarak Al Abdullah Al-Mubarak Al Sabah is planning to launch a financial vehicle in Australia and is currently in talks with potential partners, he told sister publication, Arabian Business in an interview.

The founder and chairman of Action Hotels currently has 13 hotels across the Middle East and Australia and two more in the pipeline. Its current operator partners are Accor Hotels, InterContinental Hotels Group and Louvre Hotels Group and three of the company’s properties are located in the Australian city of Melbourne.

A few years ago it was rumoured the hotel group was considering a listing on the Australian Stock Exchange. The hospitality company listed on the London Stock Exchange’s (LSE) Alternative Investment Market in 2013 but late last year the parent company, Action Group, decided to delist and it is now 100 percent private again.

“We are looking at something in Australia, not listing, but we are looking at doing something. We are looking at partners to create some sort of vehicle,” Sheikh Mubarak said in an interview.

“Maybe combining our assets with other assets into some kind of vehicle. We are open to discussions. I can’t say anything yet,” he added.

The Sheikh added that he is also looking to expand into Europe, with the United Kingdom and Germany on his radar.

“I would like to enter the midscale market in Europe now in a big way… I am very keen to expand into Europe, especially the UK and Germany - the two main markets for midscale hotels,” he said.

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