Jan 22 2011
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New seaside hotel planned for Dammam
The Rayhaan by Rotana Hotel will be located on the Al-Ashra Roundabout and offer unobstructed views of the Arabian Gulf as well as easy access to highways linking Dammam to King Fahd International Airport, Jubail, Alkhobar and Dhahran.
This transaction marks the third hospitality project announced by the fund in Saudi Arabia. The fund already initiated development of two other hotels in Jeddah, also to be managed by Rotana, including a 5-star Rayhaan Hotel on the northern Corniche and a 4-star budget business hotel on Madinah Road.
"Rotana's market expansion into the Kingdom is progressing as planned, and we would like to thank the SHUAA team for their professional approach to implementing the property development strategies," said Rotana president and CEO Selim El Zyr. "This project will allow us to better serve business and leisure travelers as well as the community of the Kingdom's Eastern Province."
SHUAA Capital Saudi Arabia is a subsidiary of Dubai-based SHUAA Capital It is a closed joint-stock company with a paid-up capital of SR150 million. SCSA was established to promote investment opportunities within the Kingdom of Saudi Arabia and the broader Middle East and North Africa regions.
© Arab News 2011
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