Saudi–listed master developer Knowledge Economic City (KEC) is planning to develop a 2,500-key mega hotel project in the holy city of Madinah within its 6.8-million square metre (sqm) master plan.
The project will be developed through a joint venture with Indonesian private hospitality group Archipelago International, KEC said in a press statement.
The project would also serve as the launch platform for a new Saudi hotel brand, the statement added, without disclosing financial details or project timelines.
Under the agreement, the JV’s scope includes the establishment of a hospitality management company to manage and operate hotels and hospitality assets within KEC’s destinations in Madinah.
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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