A close to US$ 49M agreement has been signed for the development of the Rixos Jeddah resort project in Riyadh, Saudi Arabia.
The agreement was signed by Dur Hospitality, a leading Saudi hospitality company recognized for its extensive record in managing, developing and operating a wide portfolio of hotels and residential compounds across the Kingdom, and Al Murshid Contracting Group.
Upon completion, the 174 room premier luxury hospitality destination will feature a health club, an integrated children’s club, two restaurants, a swimming pool, and banquet halls. These new facilities and amenities will be in addition to the already existing outdoor infrastructure and gardens.
Expectations for the Rixos Jeddah Resort Project
The development and expansion of the Rixos Jeddah Resort is a part of a strategic plan by Dur Hospitality to enhance its leadership as well as position in Saudi Arabia’s hospitality sector.
Dur Hospitality also aims to be in alignment with Saudi Arabia’s Vision 2030 program that aims to improve the quality of life of citizens. The Vision 2030 program is a strategic framework that aims to decrease Saudi Arabia’s dependency on oil and diversify its economy alongside developing the public service sectors such as education, recreation, health, infrastructure and tourism.
The real estate developer revealed that for this project, the expected positive financial impact will commence from the last quarter of 2023 and be completed within a span of 1 and a half years.