Dunes Center sale to Nagoor denied

Rayes family says “no deal”

The sale of the Dunes Center complex, including the hotel and retail galleria, has been denied by its current owners. Saudi investor Ali Hassan Nagoor, had confirmed that his company Nagoor Group, had purchased it for $130 million. “We reached an agreement two weeks ago,” said Nagoor, on the sidelines of the Lebanon Week in Jeddah, organized by the Chamber of Commerce, Industry and Agriculture last week. Jamil Rayes, one of the shareholders of Les Dunes Hospitality said: “No deal was sealed with Nagoor.”

Dunes is a mixed-use center that includes various luxury and mid-market stores. The complex also includes a variety of cuisines, five Circuit Empire movie theaters, and an amusement arcade. Topping the complex is the Holiday Inn Hotel. Major shareholders in the hotel, which is registered under Les Dunes Hospitality, are Samir Rayes and sons and the heirs to Toufic Tabbara and others.

Nagoor Group holds many companies specialized in retail and wholesale of vehicles and spare parts, furniture, real estate, and medical trade. Ali Nagoor has been involved in a number of local real estate developments, mostly in Bchamoun. He is also very active in the pilgrim travel and accommodations. He owns several hotels in Saudi Arabia and other countries.