The Rayhaan by Rotana Hotel will be located on the Al-Ashra Roundabout and offer unobstructed views of the Arabian Gulf as well as easy access to highways linking Dammam to King Fahd International Airport, Jubail, Alkhobar and Dhahran.
This transaction marks the third hospitality project announced by the fund in Saudi Arabia. The fund already initiated development of two other hotels in Jeddah, also to be managed by Rotana, including a 5-star Rayhaan Hotel on the northern Corniche and a 4-star budget business hotel on Madinah Road.
“This agreement represents another important milestone for the fund and brings us closer to achieving our goal of developing eight hotel properties in the Kingdom,” said Omar Al-Jaroudi, SHUAA Capital Saudi Arabia CEO. “Over the coming months, we will unveil additional projects the fund has in the pipeline.”
“Rotana’s market expansion into the Kingdom is progressing as planned, and we would like to thank the SHUAA team for their professional approach to implementing the property development strategies,” said Rotana president and CEO Selim El Zyr. “This project will allow us to better serve business and leisure travelers as well as the community of the Kingdom’s Eastern Province.”
Dammam is a leading business hub in the Eastern Province, which has a growing population of more than 3.7 million inhabitants. It is the center of the Kingdom’s oil and petrochemical industries.
SHUAA Capital Saudi Arabia is a subsidiary of Dubai-based SHUAA Capital It is a closed joint-stock company with a paid-up capital of SR150 million. SCSA was established to promote investment opportunities within the Kingdom of Saudi Arabia and the broader Middle East and North Africa regions.
