RIYADH: InterContinental Hotels Group (IHG) and Rayadah Investment Co., a subsidiary of the Public Pension Agency (PPA), yesterday signed an agreement for the operations and management of Crowne Plaza Hotel in Riyadh's Information Technology and Communication Complex (ITCC).
PPA Gov. Mohammed bin Abdullah Al-Kherashi, who is also chairman of the Board of Rayadah Investment Co., and John Bamsey, chief operating officer at IHG Middle East and Africa, signed the agreement at the Riyadh InterContinental Hotel. Also present at the signing ceremony were Saud Al-Malag, projects director, Bander Harbi, vice president of operations for IHG Saudi Arabia, and Rani Gharbi, director of development for IHG Middle East and Africa.
"Rayadah has committed SR6.2 billion for the development of the ITCC project ... designed to attract and host advanced technology, information and communication companies providing them a platform to establish their regional operations in Saudi Arabia," Kherashi said.
The ITCC will consist of commercial and residential buildings, governmental service buildings, banks, restaurants and recreational activities. Along with the ITCC, Rayadah will be the master developer of the King Abdullah Financial District, he added.
"Saudi Arabia has the potential to be a booming business hub for the Middle East. Projects such as the ITCC will increase the country's competitiveness in the region's technology sector. At the same time, this reflects the increase in demand for specialty business communities which would attract inbound business travel," said Al-Kherashi.
