Taiba Investment Company has signed a final partnership agreement with Osool Integrated Real Estate Company to develop, refurbish and operate 3 hotels in the central area of Madinah in a project valued at US $640mn. The move strengthens the city’s hospitality infrastructure as Saudi Arabia expands accommodation capacity for pilgrims under Vision 2030.
Under the agreement, announced on the Saudi Exchange (Tadawul), the 2 companies will establish a special-purpose company to undertake the project, which will deliver around 1,500 hotel rooms under a mix of local and international brands.
Taiba Investment Company will contribute US $79.9mn to the venture, while the remaining funding will be provided by the partners in proportion to their ownership stakes and injected in phases in line with construction progress.
The 3 hotel properties are located in Madinah’s central district, one of the most sought-after hospitality zones in the kingdom due to its proximity to the Prophet’s Mosque and its year-round influx of religious visitors, said a statement.
Osool Integrated Real Estate Company, wholly owned by the General Organisation for Social Insurance, owns the hotel sites, it added.
Taiba said it will oversee the development, refurbishment and operational management of the hotels, leveraging its expertise in the Kingdom’s hospitality sector.
The company said the investment aligns with its strategy to expand its hotel portfolio and reinforce its position as a leading hospitality operator in Saudi Arabia, while helping to improve accommodation options and service quality for pilgrims visiting Al Madinah.
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