TIME Hotels Management, has signed a joint venture agreement with Saudi-based Al Fahd Investments to manage two mid-market properties in Riyadh and the northern city of AL Qurrayat.
The agreement was announced on the sidelines of Arabian Travel Market 2016, which is taking part at the Dubai World Trade Centre.
TIME will also be tasked with providing consultancy services on behalf of the new hospitality entity.
Mohamed Awadalla, CEO, TIME Hotels commented: “Al Fahd Hospitality has a budget of over $600 million to fund its present and future pipeline of properties which currently consists of seven mainly mid-market hotels, which are all due to open within the next two years.”
Property developer Al Fahd has worked on 500 projects over the past 30 years and has completed more than 300 in the past decade.
Ahmed Al Fahd, vice chairman of Al Fahd said: “Al Fahd Investments decided to form a joint venture with TIME Hotels because we were very impressed with the way they managed and grown their own branded hotels. They have exceptional regional experience and recognise the international standards we must achieve, for our hotels and apartments to succeed in the Saudi market.”
The 26-storey, three-star King Fahd Road project in Riyadh has 96 rooms and suites, an all-day restaurant, indoor/outdoor café, three meeting rooms and a health club. The hotel is expected to open in June 2017.
The second hotel TIME is opening in Saudi Arabia is in the northern city of Al Qurrayat, in Al Jawf Province, situated 15 kilometres from the Jordanian border.
The four-star hotel, which is due to open later this year, consists of 137 rooms and suites, an all-day restaurant, Café, health club and two meeting rooms.
“More significantly, Al-Hadithah Port is the largest and one of the most important land ports in the Kingdom, located just 30 kilometres away from Al Qurayyat. That crossing provides a strategic link to the neighboring countries of Jordan, Syria, Lebanon and Turkey, as well as an entry point for pilgrims coming to perform Hajj and Umrah from Turkey, Russia and Chechnya,” said Awadalla.