en.Wedoany.com Reported - Taiba Investment Company and Osool Integrated Real Estate Company have signed a final partnership agreement in Saudi Arabia to develop, renovate, and operate three hotels in central Medina, with a total project value of $640 million. This initiative will strengthen the city's hotel infrastructure, aligning with Saudi Vision 2030's goal of expanding pilgrim accommodation capacity.

According to an announcement on the Saudi Stock Exchange (Tadawul), the two companies will establish a special purpose company to manage the project, which will provide approximately 1,500 rooms, encompassing a mix of local and international brands.

Taiba Investment Company will contribute $79.9 million to the joint venture, with the remaining funds provided by the partner in proportion to their shareholding and injected in stages based on construction progress.

The three hotels are located in central Medina, one of Saudi Arabia's most popular hotel districts, due to its proximity to the Prophet's Mosque and the year-round influx of religious tourists.

Osool Integrated Real Estate Company, wholly owned by the General Organisation for Social Insurance, holds the land plots for these hotels. Taiba will leverage its expertise in the Saudi hospitality sector to oversee the development, renovation, and operational management of the hotels.

The company stated that the investment aligns with its strategy to expand its hotel portfolio and solidify its position as a leading hotel operator in Saudi Arabia, while also helping to improve accommodation options and service quality for pilgrims visiting Medina.

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