Arab News
Summary
Saudi Arabia is set to transform Madinah into a modern Islamic and cultural destination thanks to Rua Al Madinah Holding Co., the real estate company owned by the Public Investment Fund, partnering with Accord Group to launch three properties in the city.
The project will include a 140-room Fairmont Hotel, 120 Fairmont branded residences, 466-room Swissotel and 328-room Novotel.
“We are proud to sign the first Swissotel property and strengthen our Novotel offering in Madinah. Through these signings, our primary goal is to support the diverse offering at the master development of Rua Al Madinah,” said Duncan O’Rourke, CEO of the Middle East, Africa, Turkey and Asia-Pacific region at Accor.
The hospitality chain has been present in the Kingdom for over 20 years, counting over 9,000 rooms with direct access to the Haram.
The deal is part of the Rua Al Madinah master plan that covers over 1.5 million sq. meters of space with direct views of Al Masjid al Nabawi, known as the Prophet’s Mosque.
The plan will supply over 47,000 hotel rooms by 2030, accommodating 63 percent of open spaces and 37 percent of built area.
“Rua al Madinah project is building a city of hotels and supporting retail and other asset classes,” said Ahmed bin Madhi, chief investment officer at Rua Al Madinah Holding Co, while speaking at the Future Hospitality Summit in Riyadh.
The project is adopting smart and sustainable solutions, including a district cooling system, greywater treatment and recycling infrastructure, smart city technology, an energy-saving and interactive lighting platform, and an intelligent network for guiding panels.
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