Elaf, Kinan Real Estate seal Madinah hotel project deal

Elaf, Kinan Real Estate seal Madinah hotel project deal

Saudi Arabia - 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 for 15 years.

With six residential projects in Riyadh and Jeddah on an area of over 6 million sq m, Kinan International Real Estate Development Company is one of the top Saudi-based companies in the field of developing and management 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