Osool Integrated Real Estate Company and TAIBA announced the signing of a binding strategic partnership agreement to establish a specialized company to develop and operate three hotels in the Northern Central Area of Madinah, with a total capacity of approximately 1,500 hotel keys.
The agreement reflects both companies’ drive to develop high-quality projects that enhance the investment value of real estate assets and elevate the hospitality sector by leveraging their integrated expertise in investment, development, and operations to deliver integrated hospitality destinations in key locations across the Kingdom.
According to an MOU previously signed between the two parties, the agreement was formalized in Riyadh following the completion of market studies and economic feasibility assessments to develop an integrated hospitality experience in Madinah in line with the highest international standards, while supporting the objectives of tourism sector development and quality-of-life enhancement.
The project underscores the companies’ approach toward developing integrated investment and operational models that combine investment expertise with operational efficiency, through the redevelopment of the three hotels and enhancement of their operational performance to strengthen the project’s competitiveness and long-term sustainability.
Under the agreement, both companies will work collaboratively, each within its area of expertise, to lead and develop the project and oversee its investment and operational milestones. By tapping into their specialized capabilities in real estate investment and hospitality management, they will deliver a seamless, high-caliber experience in Madinah.
Mr. Feras Albanyan, CEO of Osool Integrated Real Estate Company, said: “This agreement represents a strategic step within Osool’s drive to maximize the value of real estate assets through the development of sustainable institutional partnerships with specialized national entities, contributing to the development of high-quality projects with long-term economic and operational impact. We view this project as an integrated model that reflects our ability to develop strategic assets and transform them into high-quality hospitality destinations that support the Kingdom’s urban and tourism development objectives.”
“The project is part of Osool’s ongoing efforts to expand its footprint in hospitality and premium real estate investments by developing value-added projects in prime locations, ultimately enhancing asset sustainability, operational efficiency, and investment returns,” Albanyan added.
Mr. Sultan bin Badr Al-Otaibi, CEO of TAIBA, emphasized: “This project reflects TAIBA’s expansion strategy driven by synergy-focused, value-creating institutional partnerships. It underscores our position as a preferred strategic partner for major corporations looking to develop flagship hospitality projects. This project extends a robust lineup of partnerships recently announced by TAIBA, reinforcing our capacity to spearhead pioneering developments, particularly in the Holy Cities, backed by our deep-rooted heritage in launching and operating premier destinations”
“At TAIBA, we remain committed to expanding our network of partnerships and developing top-tier projects that reflect our dedication to operational excellence, delivering world-class hospitality experiences inspired by authentic Saudi values,” Al-Otaibi concluded
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