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Under a MoU signed at Cityscape Global in Riyadh, JLL will select the most suitable operating partner and negotiate competitive contractual terms for hotel located at the gateway of the Masar projectSaudi real estate developer AlDyar AlArabiya has appointed JLL’s Hotels & Hospitality Group as its exclusive advisor for a high-profile hotel development within Makkah’s Masar masterplan. The collaboration was formalised under a Memorandum of Understanding (MoU) signed at Cityscape Global in Riyadh. The project, part of the larger Diyar Alharam initiative, aligns with Saudi Vision 2030’s goal to boost tourism and accommodate the expected increase in pilgrims and tourists visiting the city in the coming years.
Through this partnership, JLL will leverage its expertise in the Saudi hospitality market to identify a suitable operating partner for the hotel and negotiate optimal contract terms to ensure a successful outcome. The hotel envisioned as a gateway to Masar, will feature a mix of rooms, suites, and serviced apartments managed by a globally recognised hotel brand, offering guests a premium stay experience in close proximity to the holy sites.
Naif AlAtawi, Managing Director and CEO of AlDyar AlArabiya said, “Our collaboration with JLL is a strategic milestone within the Masar masterplan. This hotel development aligns with our commitment to delivering world-class hospitality experiences and innovative real estate solutions in Makkah. The Diyar Alharam project, comprising 12 residential and hotel towers with a total investment of SAR 8 billion, is a testament to our dedication to enhancing Makkah’s hospitality sector.”
Aboudi Asali, Executive Vice President and Head of Hotels Advisory, MENA at JLL, added, “Partnering with AlDyar AlArabiya on this visionary project within the Masar masterplan is a tremendous opportunity. Our tailored approach to operator selection and contract negotiation will exceed AlDyar AlArabiya’s strategic objectives and support Makkah’s growth as a global hospitality hub.” |
