The Ascott has entered Saudi Arabia by securing a management contract for its first premier serviced residence in Riyadh.
The 230-unit Ascott Olaya Riyadh is slated to open near the King Abdullah Financial District in 2015.
The management contract was awarded by Rafal Real Estate Development, the leading real estate development company in Saudi Arabia.
The addition of Ascott Olaya Riyadh will increase Ascott’s portfolio in the Gulf Cooperation Council to almost 1,300 serviced apartment units across seven properties in Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Ascott chief executive Chong Kee Hiong said: “
Ascott has steadily grown from Singapore to over 70 cities worldwide and our entry into Saudi Arabia marks yet another milestone for us.
“Saudi Arabia offers strong opportunities for serviced residences.
“It is the biggest economy in the Middle East and its gross domestic product is forecast to grow by about five per cent per annum over the next few years.
“Saudi Arabia has the largest banking sector in the Middle East and is home to the 11th largest stock exchange in the world.
“The country has been attracting huge volumes of foreign direct investments as its economy continues to diversify and grow.
Source
Search Banquet Manager Jobs in Singapore>