Elaf invests $106m for four hotels in Saudi Arabia
01 August 2012
THE Elaf Group of Companies, a leader in the Saudi travel, tourism and hospitality sectors, has launched construction of four new hotels in Saudi Arabia.
The total cost of these new projects – which will be located across Jeddah, Makkah and Madinah – has been valued at SR400 million ($106 million).
The announcement follows Elaf’s recent achievement of a 30 per cent revenue increase during the first quarter of 2012 over the same period last year, which has given the group the confidence to double the number of its hotel rooms to 5,000 before the end of the year.
“These four new projects are in line with our efforts to expand our investment portfolio. The new hotels, which are aimed for completion between 2012 and 2014, include the Elaf Bakkah and the Elaf Al Kawthar in Makkah, the Elaf Galleria in Jeddah and another hotel in Madinah to be named later,” said Ziyad Bin Mahfouz, president of Elaf Group. “They form part of our efforts to address the demands of the increasing number of tourists visiting the kingdom. We remain steadfast in our commitment to support the government’s move to promote Saudi tourism and help the sector become a major contributor to the economy.”
The group said its robust growth over the first three months of 2012 could be attributed to its initiatives to provide best-in-class tourism services.
Moreover, the company has reaffirmed its commitment towards playing a major part in the kingdom’s efforts towards Saudiisation, which aims to provide more Saudi nationals with employment opportunities in the tourism sector.
“The Elaf Group will not only continue to play a vital role for local and regional tourism development, but also across international tourism markets. We will continue to offer world-class tourism products and services that are in line with the Saudi Commission for Tourism and Antiquities (SCTA). Our ultimate goal is to strengthen the kingdom’s presence and position in the international tourism market, making it a prime global tourist destination,” concluded Bin Mafouz.
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