Europe where we have 62 hotels is a priority

In an interview with the "Echos", Saudi Sheikh Mohamed bin Issa al-Jaber, the founder and President of the Group MBI (9 billion of turnover in 2008), an update on its projects in France, where it will be "committed EUR 3 billion to the total current 2010". It indicates, inter alia, that discussions with Starwood Capital for a resumption of pole hospitality of prestige of the ex-Société of the Louvre, including the Parisian palace the Crillon, "advance". In addition, he worked on the creation, with BNP Paribas Real Estate, an investment fund dedicated to the real estate office in Europe.

You negotiate the acquisition of the pole for several months the ex-Société of the Louvre luxury. Where are your discussions with Starwood Capital

I can't really put it on the subject because I am subject to a confidentiality clause. But I want to tell you, because there are a lot of false rumours, that our discussions continue, even if the financial crisis has inevitably disrupted. Our goal is to reach an agreement as soon as possible.

Refers to a transaction of EUR 2 billion...

For me, it's more than 1 billion! But, I repeat myself, I can't talk about.

For finance, you have decided to put on the market 20 of the capital of your company JJW Hotels. Where is this operation

MBI must provide the main funding for the acquisition of the pole luxury of the ex-Société of the Louvre. Over the surrender of the 20 of JJW Hotels, JP Morgan leads the process. Institutional from around the world are on the ranks. We plan to raise 1 billion euros, but with a mix of shares and bonds.

You have repeated last year a large real estate project in Levallois. What is

The work started with BNP Paribas Real Estate for the management of the project and construction should start in December, for delivery end of 2012. We have the building permit and the program is well defined. It is to achieve two twin towers for a total of 125.000 square metres, consisting of offices, a hotel of category 4 stars luxury with a capacity of approximately 250 rooms, finally of 100 accommodation for long term stays. Concerning the actual real estate development, we have already secured the sale of 25 of the affected surfaces and other intentions for 25. Moreover, the hotel we is the interest of large international groups, but we are studying its operation under our own colours.

A hear you, the crisis does not appear to affect your development...

We ended 2008 on a profit, although less than in 2007, but we better because many others. But what is important, is that we want to continue to develop. Europe, where we have 62 hotels, is a priority. We want to grow and develop synergies in France, the United Kingdom, the Portugal and Austria. We have no global goal because we want to continue targeting assets, search and seize the opportunities, finally, take our time, as we do for twenty years. Each year, we are increasing our volume of acquisition (250 million dollars in 2008). Despite the crisis, we will continue to invest in France, where we will have committed EUR 3 billion in total aware 2010.

Beyond the project to Levallois, what ambitions in real estate in Europe

Levallois is a very good opportunity, we are working in reality in any other domain with BNP Paribas Real Estate. We will contribute to the creation of a fund which will be dedicated to the real estate office in Europe. With this Fund, called MBI - BNP Paribas Real Estate Fund, we want to raise 1 billion euros from the French and London markets as a priority.