Dubai-based DAMAC Hotels and Resorts has announced the signing of a partnership agreement with the leading hospitality counterpart Rotana Hotel Management to handle the former’s luxury hotel apartment project DAMAC Towers in Riyadh, Saudi Arabia, Invest-Gate reports.

Under the deal, which was signed on the sidelines the 26th Arabian Travel Market, the hotel – comprised of two towers featuring Fendi Casa-furnished hotel apartments – will run under the Arjaan Hotel Apartments by Rotana brand, according to a statement by the hospitality arm of DAMAC Properties on April 28.

Strategically situated in the heart of Riyadh, DAMAC Towers is the first property to be included in the agreement and comprises two towers that offer deluxe serviced apartments and a collection of penthouses. The agreement with Rotana, with a footprint that now crosses the Middle East, Africa, Eastern Europe, and Turkey, will further fuel investors’ confidence through an attractive rental pool program.

Speaking of the partnership, General Manager of Operations at DAMAC Ali Sajwani said, “Our partnership with Rotana will help us realize our vision of offering unrivaled investment opportunities in the hospitality industry.”

“The kingdom sees continued growth in the travel sector, which is driven primarily by leisure, pilgrim, and corporate visitors, and we are confident that this partnership will translate to renewed value for investors and differentiated experiences for our guests,” Sajwani was quoted as saying.

Meanwhile, Acting CEO of Rotana Guy Hutchinson noted, “The partnership confirms our commitment to achieving the goals of the National Transformation Program 2020, which entails the activation of the Kingdom’s regional and global role as a commercial and economic center, as well as, a destination for tourists and investors alike.”

The partnership between two of the region’s most prominent home-grown brands also highlights a shared commitment to service Saudi Arabia’s booming hospitality market. This surge in tourism is attributed to the kingdom’s ambitious Saudi Vision 2030, which stresses on diversifying its economy with increased investments into the country’s infrastructure, housing, and tourism sectors.

Earlier this year, DAMAC showed interest in acquiring additional plots in Saudi Arabia. Additionally, Rotana also laid out its plans of stepping up efforts to expand its footprint in the kingdom.