Abdul Samad Al Qurashi Group, one of oldest merchant families in Saudi Arabia, has entered into two management agreements with The Ascott Limited for two Citadines serviced residences in Jeddah.
The 166-unit Citadines Tahlia Jeddah and the 136-unit Citadines Al Salamah Jeddah are the Singapore-based Ascott’s first Citadines serviced residences in the Gulf region.
Scheduled to open within the first quarter of 2014, the addition of the two new Citadines serviced residences will increase Ascott’s portfolio in the Gulf region to more than 1,500 serviced apartment units across nine properties in Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
These two properties in Jeddah mark the foray of the Al Qurashi Group into the local hospitality sector and it aims to have a portfolio of at least five operating properties across major cities within five years, and to extend this portfolio to at least 10 properties within the next seven to ten years.
Mohammed Al Qurashi, CEO of the Al Qurashi Group, said: “Our agreements mark the foray of the Al Qurashi Group into the Saudi Arabian hospitality market and also the start of our long term relationship with Ascott.”
Elaborating further Sym Lee, Ascott’s head for the Gulf Cooperation Council (GCC), said: “Jeddah is also a popular destination for domestic and foreign leisure travellers. For the many Muslims pilgrims, Jeddah acts as the gateway city to the two holy cities, Mecca and Medina. We are confident that both Citadines Tahlia Jeddah and C Citadines Al Salamah Jeddah will perform well in the market and they will pave the way for more Citadines serviced residences in the region.”
In addition to the new properties in Saudi Arabia, Ascott is also slated to open its first properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences, by 2014. In the GCC, Ascott currently manages Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha and Somerset Al Fateh Bahrain.