Tag Archives: development

New Murabba Development Company (NMDC) has signed a Memorandum of Understanding (MoU) with the Tourism Development Fund (TDF) to spearhead the transformation of Riyadh. The agreement will see the two entities work closely together to create New Murabba: the world’s largest , modern downtown, serving as a model for future urban development and contributing towards Riyadh city’s evolution, in line with Vision 2030. NMDC’s strategic partnership with TFD marks a pivotal moment in realization of New Murabba’s bold ambition to create the most advanced, transformative, downtown experience in the world. It aims to fulfil Saudi Arabia’s potential as a leading investment destination — a place where people live, work, and play. A go-to tourism and hospitality hotspot distinguished by a thriving tech ecosystem, an enabling business environment and a diverse and welcoming society. The MoU was signed by New Murabba Development Company CEO, Michael Dyke and TDF CEO, Qusai bin Abdullah Al-Fakhri. As part of the agreement, TDF will provide direct financing opportunities — in collaboration with its network of partners and contracted investors, which solidifies NMDC’s access to TDF’s expertise, networks and investment capabilities. The agreement is poised to unlock New Murabba’s immense potential, placing Riyadh it at the forefront of global destinations and showcasing the Kingdom of Saudi Arabia’s commitment to innovative, sustainable urban development, cultural richness, and unparalleled visitor experiences on the world stage. Qusai bin Abdullah Al-Fakhri, CEO, TDF, said: “We are pleased to have partnered with the New Murabba Development Company to bring this bold undertaking to life: an innovative undertaking that will enhance Riyadh’s status on the global stage as one of the commercial and financial capitals of the world. This is a future-focused …

Rotana announced at the Future Hospitality Summit (FHS), its growing pipeline as it looks to expand its operations with 30 planned openings in the next three years. The Kingdom of Saudi Arabia remains a key focus for the hospitality brand as it signed four “Edge by Rotana” and one “Rayhaan by Rotana” properties in Riyadh earlier this year. The new hotels will add an impressive 618 keys to Rotana’s expansive portfolio in the Kingdom. In line with Rotana’s ambitious goal to triple the number of rooms it currently runs in the Kingdom to 6,000 over the next four years, the group added an “Edge by Rotana” property in Al Baha to its portfolio in 2023. Across the region, Rotana is gearing up to open several new properties during the last quarter of 2023, leveraging the buoyant hospitality trade. For the remainder of 2023, Rotana will see the opening of Riviera Rayhaan by Rotana in Doha, Qatar and Bomonti Arjaan by Rotana in Istanbul Türkiye. Commenting on the announcement, Makram El Zyr, Corporate Vice President of Development at Rotana, said: “We are excited to be participating in the Future Hospitality Summit again this year, offering a fantastic opportunity for Rotana to showcase its latest developments and connect with industry peers. Leveraging our keen understanding of the market, we look forward to further developing our brand presence across the region as well as entering new markets globally, always delivering on our brand promise of ‘Treasured Time’ to guests across the world.”