Abdul Latif Jameel Real Estate Investment Company (ALJREIC) unveiled plans to invest US$2.7 billion to develop new hotels in Makkah and accommodate growing demand for hospitality services, particularly during the Haj and Umrah seasons, reported Saudi Gazette.
Yousef Abdul Latif Jameel, chairman of ALJREIC, disclosed that his entity is developing the Jabal Al-Ka’ba project, investing up to US$2.7 billion, with almost US$1.6 billion in land and US$1.07 billion in the construction of hotels.
The Jabal Al-Ka’ba Development Project will deliver a fresh supply of 8,500 hotel rooms in a cluster of hotels over the next couple of years.
ALJREIC is also launching a new Saudi hospitality brand, Anjum Hotels, which will be operated by the company’s hotel division team, inspired by the Saudi Hijazi culture and the up-to-date quality standards of international hotels.
Anjum Makkah, the brand’s flagship hotel and the first to be developed within the project, consists of 1,795 rooms and suites and will open in the first quarter of 2013. The project is located in front of the Holy Haram and faces King Abdullah Gate after the Haram’s major extension project.
“The holy city of Makkah has been witnessing a construction boom, with the implementation of major projects to cater to the needs of citizens, visitors and pilgrims,” Jameel further said.
“Saudi Arabia is currently experiencing an unprecedented development period under the wise leadership of King Abdullah, Custodian of the Two Holy Mosques.
“The backlog consists mainly of government-backed projects, as well as others carried out by private investors such as ALJREIC, which is currently developing a total area of 54,000 sq. meters for five-star hotels in the city to help address the growing demand in the tourism industry,” Jameel noted.
“We pay tribute to the country’s directives and development plans to expand the private sector’s role in the development of Saudi Arabia and we reaffirm our commitment to further contribute to the development of Makkah in particular and Saudi Arabia in general,” Jameel added.
The Saudi Commission for Tourism and Antiquities said in its latest report that Saudi Arabia is set to attract 88 million visitors by 2020, in line with its plans to develop domestic and business tourism in addition to developing tourism for religious purposes.
The number of visitors for tourism and religious purposes in particular is expected to reach 15.8 million by 2014, compared to 13 million in 2010.