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Business & Economy

Elaf Group build four new hotels in the Kingdom

The Elaf Group of Companies, a leader in Saudi travel, tourism and hospitality, has announced the commencement of construction of four new hotels in Saudi Arabia. The total construction cost of these new projects has been valued at SR 400 million and will be located across Makkah, Madinah and Jeddah. The announcement follows Elaf Group's recent achievement of a 30 percent revenue increase during the first quarter of 2012 over the same quarter last year, and has given the group the confidence to double the number of its hotel rooms to 5,000 before the yearend.
"The announcement of these four new projects is in line with our efforts to expand our investment portfolio. The new hotels, which are aimed for completion from 2012 to 2014 depending on property, include the Elaf Bakkah and the Elaf Al Kawthar in Makkah, the Elaf Galleria in Jeddah and another hotel in Madinah to be named later. These projects are part of our continuous efforts to address the demands of the increasing number of tourists visiting the Kingdom. We will remain steadfast in our commitment to support the government's move to promote Saudi tourism and help the sector become a major contributor to the country's economy," said, Ziyad Bin Mahfouz, President of Elaf Group.
According to the Elaf Group, the company's robust growth over the first three months of 2012 can be attributed to their continuing initiatives to provide best-in-class tourism services and contribute to the Kingdom's move towards tourism and sustainable development. Moreover, the company has reaffirmed its core focus on playing a major part in the country's efforts toward Saudization, which aims to provide more Saudi nationals with employment opportunities in the tourism sector.
"Our ultimate goal is to strengthen the Kingdom's presence and position in the international tourism market, making it a prime global tourist destination," Bin Mahfouz said.

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