Singapore-based international serviced residence owner-operator, The Ascott Limited, is making its debut in Saudi Arabia with its first premier serviced residence in Riyadh, slated to open in 2015.
The company was awarded the management contract for Ascott Olaya Riyadh in King Abdullah Financial District by Rafal Real Estate Development (RAFAL), which will develop the property as part of a larger real-estate project, Rafal Residences.
The addition of Ascott Olaya Riyadh will increase the presence of the company in the GCC to almost 1,300 serviced apartment units across seven properties in Bahrain, Oman, Qatar, and the United Arab Emirates.
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Chong Kee Hiong, Ascott’s CEO commenting on the deal, said: “Ascott has steadily grown from Singapore to over 70 cities worldwide and our entry into Saudi Arabia marks yet another milestone for us.
“Saudi Arabia offers strong opportunities for serviced residences. It is the biggest economy in the Middle East and its gross domestic product is forecast to grow by about 5% per annum over the next few years. Saudi Arabia has the largest banking sector in the Middle East and is home to the 11th largest stock exchange in the world.
“The country has been attracting huge volumes of foreign direct investments as its economy continues to diversify and grow. Ascott’s expansion in the GCC with Ascott Olaya Riyadh will enable us to cater to the rising number of expatriates and travellers to the region.”
Mr Majed Al Hogail, RAFAL’s CEO added: “Given Ascott’s strong track record and marketing network worldwide, we are confident that Ascott Olaya Riyadh will quickly establish itself as an international-class serviced residence in the city.
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