Riyadh – Mubasher: Knowledge Economic City and Hilton signed a joint agreement with Al Gharaa International for Real Estate Development to open three hotels in Madinah, according to a press release.
The project marks the debut of Hilton’s Home2 Suites in the MEA region and anchors its commitment to diversifying its portfolio to meet the increasing demand for hospitality offerings across the Kingdom.
Amin Shaker, Chairman of Knowledge Economic City, said: "Collaborating with Hilton allows us to partner with globally recognised brands that cater to the needs of our residents and visitors, reinforcing our commitment to the Kingdom’s Vision 2030 and positioning Madinah as a hub for religious tourism.”
The properties will add 1,415 keys to Hilton’s portfolio in Saudi Arabia in line with the Kingdom’s vision of elevating the hospitality landscape and attracting 150 million visitors annually by 2030.
Carlos Khneisser, Vice President, Development, MEA, Hilton, commented: “Saudi Arabia is our fastest-growing market in the region with more than 70 hotels in the pipeline. We are fully committed to meeting the growing demand for world-class hospitality across all price points throughout the Kingdom.”
“The development of these three focused-service brands will perfectly complement the Hilton Madinah KEC Hub currently under construction,” Khneisser added.
Home2 Suites by Hilton will be introduced to the MEA region for the first time to meet the growing demands. Meanwhile, the company operates 20 hotels in Saudi Arabia and plans to expand its footprint to exceed 100 properties across the Kingdom in the coming years.
As of 30 September 2024, Knowledge Economic City incurred 99.41% higher net losses at SAR 47.62 million, compared to SAR 23.88 million in 9M-23.
