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Olayan America, in association with Chelsfield, the European property group, has purchased 550 Madison Avenue in New York City.

The property is a landmark that has been known as the Sony Tower and before that the AT&T Building.  It is located between East 55th and East 56th streets in the prestigious Plaza District of Midtown Manhattan.  It was designed by Philip Johnson and John Burgee and completed in 1984.  It is well-known for its Chippendale-style roof pediment and dramatic four-story glass-covered atrium.

On March 28, 2016 Cummins Inc. (NYSE: CMI) and The Olayan Group announced the formation of Cummins Arabia, a 50:50, three-country distribution joint venture company in the Middle East.

Huhtamaki of Finland announced on March 22 that it has upped its stake from 40% to 50% in Arabian Paper Products Company. APPCO is a joint venture between Huhtamaki and The Olayan Group.

APPCO’s operative territory currently includes the countries of the Gulf Cooperation Council. Huhtamaki stated: “With the expansion of the joint venture relationship Huhtamaki continues to implement its growth strategy and strengthens its position in Middle East and North Africa."

The joint venture plans to expand its product line to include other Huhtamaki foodservice packaging products.

IBM released the following statement today:

ARMONK, N.Y.--The IBM (NYSE:IBM) board of directors today elected Hutham S. Olayan to the board effective January 1, 2016. Ms. Olayan, 61, is a principal, director and senior executive of The Olayan Group, a private multinational enterprise that is both an international investor and diversified commercial and industrial business in Saudi Arabia.

Below is a preview of an article published in the September 15, 2015, issue of Fortune magazine on the occasion of Lubna Olayan being listed at number 16 on their list of Europe, Middle East, and Africa Most Powerful Women List

To access the full article please click here.


This CEO is Helping Saudi Women Break A Gender Barrier

by Erika Fry 

SEPTEMBER 14, 2015

In a joint venture with Mandarin Oriental, The Olayan Group acquired The Hotel Ritz in Madrid for $148 million on May 22. The Olayan Group and Mandarin Oriental will each own a 50% interest of the Hotel Ritz Madrid from its previous shareholders.

The property was purchased from Belmond Spanish Holdings S.L.U, and Landis Inversiones, S.L. The hotel will undergo a $103 million renovation in 2017. All of the rooms and public spaces will be refurbished and several new amenities will be added including restaurants and a spa.

Starwood Capital and The Olayan Group have sold the brand new Baccarat Hotel  in New York City to Sunshine Insurance Group Co., a Chinese insurance firm. The Group had invested in the hotel through a joint venture with Starwood Capital in February 2011.

Olayan Financing Company has acquired 51% of Gulf Union Foods Company (GUFC), a leading beverage maker in Saudi Arabia and the Gulf that specializes in fruit juices. 

As part of the transaction, Jadwa Investment, a Saudi private equity house and investment bank, sold its entire 30% stake in GUFC to Olayan Financing Company (OFC). Based in Riyadh, OFC is the Middle East arm of The Olayan Group.

On June 25, The Olayan Group, in association with Chelsfield, completed the purchase of the Paris real estate portfolio from Risanamento S.p.A., the Italian publicly listed real estate company. The value of the acquisition makes this the largest single real estate deal The Olayan Group has undertaken to date.

The Olayan Group, in a joint venture with Morgan Properties, has acquired the American Mid-Atlantic Portfolio from Berkshire Property Advisors.

The 2,671-unit multifamily portfolio is comprised of nine separate apartment communities located in the Maryland towns of Parkville, Laurel, Fort Washington, and Hyattsville as well as in Newport News, Virginia. The portfolio is concentrated in the Maryland-Washington, DC, corridor, a robust employment hub.


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