Elaf, Kinan Real Estate seal Madinah hotel project deal
RIYADH, April 7, 2023
Elaf Group, a pioneer in the hospitality sector, has signed an MoU with Kinan International Real Estate Development for the management as well supervision of the design work for an upcoming hotel project within the Aliat Mall in Madinah.
With six residential projects in Riyadh and Jeddah on an area of over 6 million sq m, Kinan is one of the top Saudi-based companies in the field of development and management of residential communities and malls in Saudi Arabia.
It also operates 10 commercial centres across six different cities in Saudi Arabia.
The mall also includes an area of modern retail stores, restaurants and a cinema, in addition to the hotel, said the statement from Elaf Group.
The agreement worth AED220 million ($60 million) is for the implementation of 230 rooms and suites in line with the highest standards set out by the Ministry of Tourism, as well as to the taste of the visiting pilgrims to Madinah. The project is set for completion the Q1 of 2025.
The deal was signed by Engineer Nidal Abdulmajeed Jamjoom, Managing Director and CEO of Kinan International Real Estate Development Company and Dr Adel Ezzat, CEO of Elaf Group.
Jamjoom said: "We anticipate the MoU with Elaf Group to significantly contribute to the national strategies of enhancing the standards of living by boosting the quality of hospitality services offered to pilgrims and Umrah performers, which will further give them the opportunity to enjoy the one-of-its-kind Saudi Arabian hospitality."
"The new project will feature unique and remarkable architecture in Medina. It is expected to be a vital addition to the tourism and hospitality sector of the Kingdom, as it expects to witness massive growth. Our MoU with Elaf Group will contribute to this growth, by providing exceptional services to pilgrims and visitors through this new hotel," he added.
Dr Ezzat said: "We are happy to sign this MoU with Kinan International Real Estate Development Company. In line with the MoU, we seek to expand our bilateral collaboration to benefit both sides as well as the hotel industry in the Kingdom of Saudi Arabia."
Elaf Group, he stated,. was a pioneer in the hospitality and tourist sectors, that runs a network of hotels with more than 40 years of expertise in the field.
"In addition, we will improve our efforts to advance the hospitality sector's growth, enhance pilgrims' and visitors' experiences, and increase the quality and efficacy of services provided in the Hajj and Umrah business. In order to support the country's Vision 2030 and the goal of hosting 100 million visitors yearly by 2030, we will keep expanding our business," he added.-TradeArabia News Service
