Elaf Group, has entered into a strategic lease partnership agreement with Al Aqeeq Real Estate Development to rent the Al Majeedi Residential Center situated in front of Al-Masjid Al-Nabawi, north of Madinah Al Munawara, said a press statement.
The agreement is in support of the Saudi government’s efforts to boost the domestic travel and tourism sector in line with the country’s economic diversification scheme.
The agreement was signed by Elaf Group CEO Ziyad Bin Mahfouz and Al Aqeeq Real Estate Development CEO and Taiba Holding Company Aymen Bin Hamza Saeed CEO.
The new hotel is expected to accommodate the growing number of tourists who visit the KSA for religious purposes such as Hajj and Umrah as well as to see religious sights and its rich cultural traditions.
“Expansion and development are key priorities of the Elaf Group to achieve excellence by constantly innovating its services and keeping them relevant and up-to-date as per the market requirements. The signing of this new lease agreement with Al Aqeeq Real Estate Development is part of our ongoing efforts to reinforce the Group’s leading position in the hospitality sector across Saudi Arabia and the Middle East,” said Bin Mahfouz.
Bin Mahfouz also commented the number of tourists arriving in the KSA is expected to continue rising in the coming years, complementing the ‘Saudi Vision 2030’.