Speculation and well leaked information refers to the Algarve’s favourite Arab, Mohamed Bin Issa Al Jaber, as ‘preparing to buy’ the resort of Vale de Lobo in the Algarve’s so-called Golden Triangle.
The Saudi Arabian businessman of course is richer than most deities, Forbes has him down for around seven billion USD, and he owns a raft of assets in the Algarve including the Dona Filipa Hotel in Vale do Lobo, the famous Penina Hotel in Portimão and the San Lorenzo and Pinheiros Altos golf courses.
Mohamed Bin Issa Al Jaber owns a string of luxury and budget hotels in Europe and Egypt through JJW Hotels & Resorts.
According to a report in today’s Jornal de Negocios, Mohamed Bin Issa is preparing to acquire 25% of Vale do Lobo and assume control of the company at the insistence of the seller.
The deal is being signed with Caixa Geral de Depósitos which owns a 25% share and wished that it didn’t. Vale de Lobo owes the state owned bank around €300 million.
Part of the deal with the bank is that the Sheik will be in ‘control of the company’ and he managed to impress the sellers that his other nearby assets would contribute to the management and profitability of Vale de Lobo, his Dona Filipa Hotel is already on the site.
The Sheik’s representative in Portugal declined to comment on the deal which comes hot on the heels of the sale of Vilamoura at a knock down price to the American venture capital fund, Lone Star.
