TAIBA INVESTMENTS ANNOUNCES THE SIGNING OF A MANAGEMENT AGREEMENT FOR CROWNE PLAZA TAIBA RIYADH

Taiba Investments Company, one of the largest real estate investment and development companies in the Kingdom of Saudi Arabia, announced today the signing of an agreement to operate the Crowne Plaza Hotel, Taiba Riyadh, with the Intercontinental Hotels and Resorts Group (IHG) at Prince Abdul Majeed Hall – may God have mercy on him – at Taiba headquarters in Madinah.

This is the first hotel that Taiba Investments is developing and constructing in Riyadh as part of a strategic alliance between the two companies with the aim of developing distinctive hotels in the Kingdom of Saudi Arabia. The hotel, located in the Olaya district at the intersection of Makkah Al Mukarramah Road and Al Takhassusi Street, offers 192 rooms and 110 hotel suites. In addition to the modern design, the hotel will offer outstanding dining options, a scenic lounge, an international restaurant and an all-day café. Crowne Plaza Taiba Riyadh also has 200 square meters of meeting space, in addition to fitness and entertainment facilities.

Commenting on the signing of the agreement, Eng. Saleh Al-Habdan, CEO of Taiba, said: “Riyadh is expected to attract more visitors, especially in light of the launch of many pioneering initiatives such as Riyadh for Sustainability and the Riyadh Vision, which aims to increase tourism and economic flows to the city of Riyadh. “.

He also added: We are pleased to announce the signing of the first hotel for Taiba Investments in Riyadh in cooperation with InterContinental Hotels and Resorts Group in the Kingdom of Saudi Arabia. As part of Taiba’s eagerness to be an integral part of the Saudi Vision 2030, and as a growing urban center, Riyadh is the ideal destination to start our journey with IHG, especially with the expected increase in the number of visitors expected to the capital in the coming years. We also look forward to working with IHG to provide guests with a unique and luxurious experience at Crowne Plaza Taiba Hotel Riyadh when it opens its doors in 2025.
Haitham Mattar, Managing Director, India, Middle East & Africa, IHG said: “With the signing of Crowne Plaza Taiba Riyadh, we continue to expand our footprint in the Kingdom. Our premium brand, Crowne Plaza, is a perfect fit for modern business travelers who desire a seamless transition between work and rejuvenation and therefore supports the business and leisure tourism offer put forth in Vision 2030. We are also honored to have a partner in Al Aqeeq Real Estate Development Company, which is known for experience and expertise in the sector. The new build hotel will greatly benefit from increasing demand from the centre and enhance the city’s hospitality offerings.”

It is worth noting that Taiba Company was established in 1988 as a public joint stock company listed on the Saudi Stock Exchange, and manages a variety of investments that include a number of sectors, including the real estate, hotel and hospitality sectors. The company has a long and rich history in investing and developing large commercial projects in Madinah and all across the Kingdom of Saudi Arabia, and is one of the main supporters of the Saudi Vision 2030.