Elaf Group and Kinan International Real Estate Development Company signs MoU

Elaf Group and Kinan International Real Estate Development Company signs MoU

Kinan International Real Estate Development Company and Elaf Group signed a Memorandum of Understanding (MoU) for a management agreement in addition to supervising the preparation of designs for the construction of the hotel within the Aliat Mall project in Medina for 15 years. The mall also includes an area of modern retail stores, restaurants and a cinema, in addition to the hotel.

The key goals of the MoU between Elaf Group and Kinan International Real Estate Development Company includes overseeing the implementation of 230 rooms and suites in line with the highest standards set out by the Ministry of Tourism, as well as demands of the visitors of Medina, with an investment of more than 220 million Saudi Riyals. The project is estimated to be completed in the first quarter of 2025.

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

Eng. Jamjoom, said: “We are delighted to partner with Elaf Group, a prominent company in the hospitality and tourism sector of Saudi Arabia. We anticipate the MoU with Elaf Group to significantly contribute to the national strategies of enhancing the standards of living