The honor is the 10th major award Al-Khozama Management Company (AKMC) has received in 2010.

The award was announced at a gala ceremony that took place earlier this month at the Grosvenor House in London.

AKMC developed, owns, and manages the Al-Faisaliah Center, designed by world-renowned architect Lord Norman Foster and currently celebrating its 10th anniversary.

The center is described as a city within a city, combining an ultra-luxury five-star hotel, the country’s largest column-free conference and banqueting facilities with a capacity for 4,000 people and a shopping mall.

The Al-Faisaliah office tower houses leading blue-chip companies and features the iconic Globe structure on top.

AKMC also opened a new ultra-luxury wing at the center’s hotel, offering 106 premier rooms and suites, including the country’s largest penthouse with a spa, and an open-kitchen concept Italian restaurant, La Cucina.

“At AKMC, we pride ourselves on setting new standards and offering many firsts for tourism, real estate development and hospitality in Saudi Arabia,” said AKMC chairman Prince Bandar bin Saud bin Khaled.

“We enjoy a unique position in the real estate development and management, and our wide range of portfolio includes owning or managing luxury hotels, apartments, office spaces and a retail mall with world-class brands. The hospitality collection includes leisure resorts and business hotels to those in religiously significant locations such as the two holy cities.”

AKMC’s future projects include development of the Al-Faisaliah Resort & Spa in Durrat Al-Riyadh in the capital and the management of two hotels in Madinah that are planned to be opened in 2011. Additionally, AKMC is currently reviewing a number of real estate development opportunities in Saudi Arabia and the Middle East.

The World Travel Awards also awarded the Al-Faisaliah Center the Middle East’s “Leading Architectural Concept” accolade in recognition of the Globe’s design, while Prince Bandar was recognized as the region’s “Leading Personality of the Year 2010”