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Saudi-listed Taiba Investment Company announced on Monday that it has completed and signed a final partnership agreement with Osool Integrated Real Estate Company for development of three hotels in the central area of Madinah.
Taiba had signed a non-binding memorandum of understanding (MOU) pertaining to this project with Osool, wholly owned by the state entity General Organisation for Social Insurance (GOSI), in November 2025.
The final agreement provides for establishment of a special-purpose company (SPV) with total investments estimated at approximately 2.4 billion Saudi riyals ($633.47 million).
Taiba said it will contribute approximately SAR 300 million ($79.18 million) to the new entity.
The project will be financed proportionally based on each partner’s shareholding and according to project progress.
Hotel development
Under the agreement, Taiba Investment Company will oversee development, refurbishment, operation of the three hotels.
The hotels will operate under local and international hospitality brands and will collectively comprise approximately 1,500 rooms.
Taiba said the project will have an impact on its financial results from 2029 onwards when hotels are expected to be ready for operation.
Fahd bin Abdullah Al‑Qassim, a member of the Board of Directors of Taiba Investment Company, serves as Chairman of the Board of Osool Integrated Real Estate Company.
(Writing by SA Kader; Editing by Anoop Menon)
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