Elaf Group has signed a memorandum of understanding (MoU) with Kinan International Real Estate Development Company to manage and operate a new hotel property of Elaf within the Aliat Mall in Medina, Saudi Arabia.
In addition to the new hotel, the Aliat Mall also features several retail shops, dining areas and a movie theatre.
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The MoU is valued at $60m and the hotel will feature 230 guestrooms and suites, reported Trade Arabia.
The hotel is expected to be completed in the first quarter (Q1) 2025.
Elaf Group CEO Adel Ezzat said: “We are pleased to sign the MoU with Kinan International Real Estate Development Company. We are dedicated to strengthening bilateral cooperations for the advantage of both parties and contribute to boosting the hospitality sector in Saudi Arabia.
“The MoU calls for actions to promote the growth of the hospitality sector, enhance visitor and pilgrim experiences, and increase the calibre and efficacy of services provided within the Hajj and Umrah sector.
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By GlobalData“To achieve the goals of the tourism sector outlined in the nation’s Vision 2030 and support the purpose of welcoming 100 million tourists annually by 2030, we will keep expanding our business.”
The hotel will be Elaf’s third in the Medina region. The company’s existing operations in the region include Taiba and Al Taqwa.
The new property is part of Elaf’s expansion plans in Saudi Arabia. The company opened the new Joudyan hotel in Riyadh in November 2022.
