Elaf Group and Kinan International Real Estate Development Company signs Memorandum of Understanding
Kinan International Real Estate Development Company and Elaf Group signed a Memorandum of Understanding (MoU) for a management agreement in addition to supervising the preparation of designs for the construction of the hotel within the Aliat Mall project in Medina for 15 years. The mall also includes an area of modern retail stores, restaurants and a cinema, in addition to the hotel.
The key goals of the MoU between Elaf Group and Kinan International Real Estate Development Company includes overseeing the implementation of 230 rooms and suites in line with the highest standards set out by the Ministry of Tourism, as well as demands of the visitors of Medina, with an investment of more than 220 million Saudi Riyals. The project is estimated to be completed in the first quarter of 2025.
The MoU was signed by Eng. Nidal Abdulmajeed Jamjoom, Managing Director and CEO of Kinan International Real Estate Development Company and Dr. Adel Ezzat, CEO of Elaf Group.
Eng. Jamjoom, said: “We are delighted to partner with Elaf Group, a prominent company in the hospitality and tourism sector of Saudi Arabia. We anticipate the MoU with Elaf Group to significantly contribute to the national strategies of enhancing the standards of living by boosting the quality of hospitality services offered to pilgrims and Umrah performers, which will further give them the opportunity to enjoy the one-of-its-kind Saudi Arabian hospitality. The new project will feature unique and remarkable architecture in Medina. It is expected to be a vital addition to the tourism and hospitality sector of the Kingdom, as it expects to witness massive growth. Our MoU with Elaf Group will contribute to this growth, by providing exceptional services to pilgrims and visitors through this new hotel.”
Dr. Ezzat, said: “We are happy to sign this MoU with Kinan International Real Estate Development Company. In line with the MoU, we seek to expand our bilateral collaboration to benefit both sides as well as the hotel industry in the Kingdom of Saudi Arabia. In addition, we will improve our efforts to advance the hospitality sector’s growth, enhance pilgrims’ and visitors’ experiences, and increase the quality and efficacy of services provided in the Hajj and Umrah business. In order to support the country’s Vision 2030 and the goal of hosting 100 million visitors yearly by 2030, we will keep expanding our business.”
With six residential projects in Riyadh and Jeddah on an area of over 6 million square meters, Kinan International Real Estate Development Company is one of the top Saudi-based companies in the field of developing and management residential communities and malls in Saudi Arabia. Kinan also operates 10 commercial centres across six different cities in Saudi Arabia.
Elaf Group, a pioneer in the hospitality and tourist sectors, runs a network of hotels that have received multiple awards and has more than 40 years of expertise in the field. The group has a prestigious reputation both locally and internationally. The Group has made a name for itself as a pioneer in the provision of first-rate hospitality services for travellers, pilgrims, and Umrah performers over the years.
The article Elaf Group and Kinan International Real Estate Development Company signs Memorandum of Understanding first appeared in TravelDailyNews International.