Ascott bolsters presence in Saudi Arabia with two more properties in Jeddah
The Ascott Limited (Ascott), the world’s largest international serviced residence owner-operator, has deepened its presence in Saudi Arabia as it secured agreements to manage two more serviced residences for Abdul Samad Al Qurashi Group’s subsidiary, United Spectrums Holding, in the vibrant port city of Jeddah. The 51-unit Citadines Sari Jeddah is slated to open in 2015 while the 135-unit Somerset Corniche Jeddah, the first Somerset-branded serviced residence in Saudi Arabia, will open in 2016.
Abdul Samad Al Qurashi Group is one of the leading conglomerates in Saudi Arabia with operations throughout the Gulf region and Europe. Besides Citadines Sari Jeddah and Somerset Corniche Jeddah, Ascott will manage the 125-unit Ascott Tahlia Jeddah and the 122-unit Citadines Al Salamah Jeddah for the Group when the properties open in 2015.
The additions will strengthen Ascott’s portfolio in Saudi Arabia to nearly 700 apartment units across five serviced residences. In the Gulf Cooperation Council (GCC), Ascott’s portfolio will increase to more than 1,700 apartment units across 11 properties in Bahrain, Qatar, Oman, Saudi Arabia and the United Arab Emirates.
Mr Sym Lee, Ascott’s Head for the GCC, said: “We continue to see strong opportunities to expand our network of serviced residences and build our scale in the GCC. Our partnership with United Spectrums Holding will enable Ascott to deepen our presence in Saudi Arabia, the Gulf’s largest economy. The country has attracted US$141 billion in foreign direct investments during the past five years, the highest in the entire Middle East. Its economy continues to show robust growth on the back of infrastructure and private sector development. This bodes well for Ascott as demand for our serviced residences will grow with more companies setting up their businesses in the country. Next year, we have four properties slated to open in Saudi Arabia.”
He added: “Within Saudi Arabia, Jeddah has emerged as one of the key business destinations, attracting a steady flow of travellers who are there for projects, meetings and conventions. The city is also a popular stopover destination for Muslim pilgrims visiting the neighbouring holy cities of Makkah and Medina. There is huge demand for international-quality accommodation in Jeddah but supply is lacking. With Citadines Sari Jeddah and Somerset Corniche Jeddah, discerning travellers can expect spacious and stylishly-designed apartments that come complete with amenities and personalised services, providing them with an ideal home away from home.”
Mr Essam Al Tayyar, Managing Director and CEO of United Spectrums Holding, said: “We are delighted to welcome Citadines Sari and Somerset Corniche in Jeddah to our portfolio of serviced residences with Ascott, which is renowned for its world-class serviced residences. With the addition of these two properties, we pride ourselves on having all Ascott’s three distinctive brands represented in Jeddah.”
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