RIYADH, SAUDI ARABIA – Osool Integrated Real Estate Company and TAIBA have announced the signing of a binding strategic partnership agreement to establish a specialized company tasked with developing and operating three premium hotels in the Northern Central Area of Madinah. The ambitious project will bring a total capacity of approximately 1,500 hotel keys to the holy city.
The agreement reflects both companies’ commitment to developing high-quality projects that maximize the investment value of real estate assets. By combining their integrated expertise in investment, development, and operations, the entities aim to elevate the local hospitality sector and deliver world-class hospitality destinations in key locations across the Kingdom.
The formalization of the agreement in Riyadh follows a previously signed Memorandum of Understanding (MOU) and comes after the successful completion of comprehensive market studies and economic feasibility assessments. The project is strategically engineered to support the objectives of Saudi Vision 2030, specifically targeting tourism sector development and quality-of-life enhancement.
Enhancing Competitiveness and Asset Value
The venture underscores a shared approach toward developing integrated investment and operational models that merge institutional financial expertise with robust operational efficiency. The partnership will oversee the comprehensive redevelopment of the three hotels, upgrading their operational performance to strengthen long-term market competitiveness and sustainability.
Under the terms of the agreement, both companies will work collaboratively within their respective areas of expertise to lead the project’s development and oversee its key investment and operational milestones.
Mr. Feras Albanyan, CEO of Osool Integrated Real Estate Company, stated: > “This agreement represents a strategic step within Osool’s drive to maximize the value of real estate assets through sustainable institutional partnerships with specialized national entities. We view this project as an integrated model that reflects our ability to transform strategic assets into high-quality hospitality destinations that support the Kingdom’s urban and tourism development objectives.”
“The project is part of Osool’s ongoing efforts to expand its footprint in hospitality and premium real estate investments by developing value-added projects in prime locations, ultimately enhancing asset sustainability, operational efficiency, and investment returns,” Albanyan added.
Mr. Sultan bin Badr Al-Otaibi, CEO of TAIBA, emphasized: > “This project reflects TAIBA’s expansion strategy driven by synergy-focused, value-creating institutional partnerships. It underscores our position as a preferred strategic partner for major corporations looking to develop flagship hospitality projects. This venture extends a robust lineup of partnerships recently announced by TAIBA, reinforcing our capacity to spearhead pioneering developments, particularly in the Holy Cities, backed by our deep-rooted heritage in launching and operating premier destinations.”
“At TAIBA, we remain committed to expanding our network of partnerships and developing top-tier projects that reflect our dedication to operational excellence, delivering world-class hospitality experiences inspired by authentic Saudi values,” Al-Otaibi concluded.
