{"id":83808,"date":"2024-02-27T00:00:00","date_gmt":"2024-02-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/kec-contracts-hyatt-intl-for-a-tourism-project-in-madinah-plus-real-estate-manufacturing-hospitality-transportation\/"},"modified":"2024-02-27T00:00:00","modified_gmt":"2024-02-27T00:00:00","slug":"kec-contracts-hyatt-intl-for-a-tourism-project-in-madinah-plus-real-estate-manufacturing-hospitality-transportation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/kec-contracts-hyatt-intl-for-a-tourism-project-in-madinah-plus-real-estate-manufacturing-hospitality-transportation\/","title":{"rendered":"KEC contracts Hyatt Int\u2019l for a tourism project in Madinah. PLUS: Real estate, manufacturing, hospitality, transportation"},"content":{"rendered":"

\n

TOURISM-<\/p>\n

KEC + Hyatt International sign agreements for hospitality projects in Al Alya: <\/strong>Knowledge Economic City (KEC) has signed agreements with global hotel operator Hyatt International to operate and run a four-star hotel and hotel apartments under the Hyatt brand in its mixed-use Al Alya project in Madinah, it said in a disclosure to Tadawul<\/a> yesterday. The financial terms of the contract will account for a share of operating revenues from the new hotel establishments, it said.<\/p>\n

What we know:<\/strong> The Al Alya project is mixed-use development incorporating hospitality, residential, office, retail, and educational sectors. It will include the four-star Hyatt Centric hotel with 130 rooms and the four-star Hyatt House, which will be home to 420 hotel apartments. <\/p>\n

\n

REAL ESTATE-<\/p>\n

#1- Saudi Real Estate (<\/strong>Al Akaria<\/a><\/strong>) has signed <\/strong>a contract<\/strong> with the Royal Commission for <\/strong>AlUla (RCU) and PIF-owned AlUla Development Company <\/strong>to develop and manage the planned Sidrat AlUla<\/a> real estate project, it said in a disclosure to Tadawul<\/a> yesterday. Under the contract, Al Akaria will bag a 10% development management fee of all project expenses, 2.5% of total sales, as well as another 10% from residential and commercial revenues. The contract runs for five years, with its value to be determined within 120 days of breaking ground on the project.<\/p>\n

Sidrat AlUla? <\/strong>The project, part of the RCU\u2019s urban expansion drive at the area, will span 260.2k sqm, including 810 residential units as well as 36.8k sqm in commercial and retail areas. <\/p>\n

#2- <\/strong>Mulkia Investment Co<\/a><\/strong> plans to establish a real estate fund aimed at acquiring a 2.6 <\/strong>mn sqm land plot in <\/strong>Buraidah<\/strong>, it said in a disclosure to Tadawul<\/a> yesterday. The transfer of ownership of the plot from its unnamed owners is pending the completion of bank financing procedures and sign-off from the Capital Market Authority. No details were provided on the size of the fund or the value of the land. <\/p>\n

\n

MANUFACTURING-<\/p>\n

Tadawul-listed Southern Province Cement expects its production costs to rise by 12.5% <\/strong>on the back of Aramco\u2019s fuel hikes, it said in a disclosure to Tadawul<\/a>. Aramco notified industrial and petrochemical companies in last month that it was raising the price of diesel 53% to SAR 1.15 per liter this year from SAR 0.75 last year.<\/p>\n

\n

HOSPITALITY-<\/p>\n

One step closer to heritage hotels in Jeddah\u2019s historic Al Balad district:<\/strong> The Culture Ministry-backed Jeddah Historic District Program signed a contract with the PIF\u2019s Al Balad Development Company to open heritage hotels in Jeddah\u2019s historical district of Al Balad, state news agency SPA<\/a> reports. Upon the restoration of the area, the program will hand over the heritage hotels\u2019 management to Al Balad Development Co\u2019s unit Al Balad Hospitality. The contract is part of a bid to turn the area into a global cultural and tourism attraction.<\/p>\n

\n

TRANSPORTATION-<\/p>\n

Saptco\u2019s buses are coming to Aseer: <\/strong>The Saudi Public Transport Co. (Saptco) was awarded a five-year SAR 113 mn contract to operatethe public transport network in Aseer\u2019s Abha, Khamis Mushait, and Ahad Rufaidah, it said in a disclosure to Tadawul<\/a> yesterday.<\/p>\n

\n

CULTURE-<\/p>\n

RCU to get cultural boost from Panth\u00e9on-Sorbonne:<\/strong> The Royal Commission for Al Ula entered a partnership with French university Panth\u00e9on-Sorbonne to set up the Jaussen and Savignac Center for Archaeological Research in AlUla and Paris, it said in a statement on Linkedin<\/a> yesterday. They will also focus on capacity building and knowledge transfer through programs including the Jaussen and Savignac Chair Master Program, according to the statement.<\/p>\n

\n

NBFS-<\/p>\n

Egyptian <\/strong>non-banking financial services outfit Aman Holding will roll out installment <\/strong>services in Saudi Arabia in 2H 2024<\/strong>, by setting up a Saudi arm with a local investor, Aman Financial Services CEO Hazem Moghazi said according to Asharq Business<\/a>. Aman will hold a 51% stake in the Saudi joint venture, while the unnamed local partner will hold the remaining 49% share, Moghazi said, according to Al Borsa<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hyatt will operate and run a four-star hotel under its brand in KEC\u2019s Al Alya project in Madinah<\/p>\n","protected":false},"author":1,"featured_media":83809,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[54,10,1248,1247,1249],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam-ksa","tag-hyatt-international","tag-knowledge-economic-city-kec","tag-mulkia-investment","wpautop","entry"],"acf":{"mongo_id":"9b7085b2-7a00-43c0-ae47-4eebfde0ef4d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1220.jpg","photo_position":"above","homepage_title":"","full_issue_title":"KEC contracts Hyatt Int\u2019l for a tourism project in Madinah. 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