Saudi Arabia – Elaf Group, a pioneer in the hospitality sector, signs an MoU with Kinan International Real Estate Development to manage and supervise the design work for an upcoming hotel project within the Aliat Mall in Madinah for 15 years, Invest-Gate reports. 

The agreement worth AED220 mn ($60 mn) is for implementing 230 rooms and suites in line with the highest standards set out by the Ministry of Tourism and to the taste of the visiting pilgrims to Madinah. The project is set for completion in the first quarter of 2025.

The deal was signed by Nidal Abdulmajeed Jamjoom, Managing Director and CEO of Kinan International Real Estate Development Company and Adel Ezzat, CEO of Elaf Group.

Jamjoom says: “We anticipate the MoU with Elaf Group to significantly contribute to the national strategies of enhancing living standards by boosting the quality of hospitality services offered to pilgrims and Umrah performers, which will allow them 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,” Jamjoom adds.

Ezzat states: “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. To support the country’s Vision 2030 and the goal of hosting 100 mn visitors yearly by 2030, we will keep expanding our business,”

Noteworthy that with six residential projects in Riyadh and Jeddah on an area of over 6 mn sqm, Kinan International Real Estate Development Company is one of the top Saudi-based companies in developing and managing residential communities and malls in Saudi Arabia.