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FINANCIAL NEWS
Elaf Group to invest USD107m in four new hotels in Saudi Arabia
26 Jun 2012
(MENAFN) Elaf Group unveiled plans to invest USD107 million in building four new hotels in Saudi Arabia, Arabian Business reported.
The Saudi hospitality firm said that the new properties, located in Jeddah, Makkah and Madina, are part of its plan to tap into the growing number of tourists visiting the Kingdom.
Elaf has said it aims to double its total number of hotel rooms to 5,000 before the end of the year.
The new hotels in Makkah will be called the Elaf Bakkah and Elad Al Kawthar, while the property in Jeddah will be named the Elaf Galleria. The projects are scheduled for completion between 2012 and 2014.
Elaf currently operates 10 hotels across Saudi Arabia, primarily in the holy cities of Makkah and Madina, as well as the Red Sea port of Jeddah, which acts as a hub for tourists visiting the country on Islamic pilgrimages.
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