26 June 2016

The hotel groups are among those bidding for projects as part of the Jeddah Economic City Mall master plan.

Dubai's Jumeirah Group and Abu Dhabi-based Rotana Hotels are in talks to open hotels near the Jeddah Tower, the skyscraper which will overtake the Burj Khalifa as the world's tallest building when it is complete in 2019. "Of course we have the Four Seasons inside the Jeddah Tower (previously called Kingdom Tower), but we are already in negotiations with Jumeirah, Rotana, Swissotel, Fairmont and others all [for] phase one [of the Jeddah Economic City master plan]," Hisham Jomah, chief development officer at Saudi-based real estate developer Jeddah Economic Company (JEC), told Zawya Projects.

"There are six towers sitting on top of the mall and these will be developed. The mall links all the buildings," Jomah added. The hotels and mall will be located next to the 1km-high Jeddah Tower, which Zawya Projects said is due to be completed in late 2019.

A Jumeirah Group spokesperson told Zawya in an emailed statement on Sunday: "Such discussions are confidential and we do not comment on any potential project or partnership until agreements are signed."

A Rotana spokesperson was not immediately available for comment.

Jumeirah held a roadshow in Saudi Arabia in November 2015, where it announced plans to open properties in five major cities in the kingdom, including Jeddah, Riyadh, Dammam, Madinah, and Makkah, the Saudi Gazette newspaper reported.

At the same time, Abu Dhabi's The National reported Jumeirah Group had signed an agreement with Dubai investment bank Shuaa Capital to develop opportunities in Saudi Arabia, whereby Shuaa would help Jumeirah seek funding for land purchase and project development in the kingdom.

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(Writing by Shane McGinley)

© Zawya 2016