*** ----> First Gulf signs MOU with Melia Hotels & Resorts to operate hotel in Ajwan Resort | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

First Gulf signs MOU with Melia Hotels & Resorts to operate hotel in Ajwan Resort

TDT | Manama                                                         

The Daily Tribune – www.newsofbahrain.com

Inovest Group announced the formal signing of a Memorandum of Understanding (MoU) between First Gulf Real Estate Company, which owns Ajwan Resort (a Saudi company in which Inovest Group owns a shareholding of approximately 37.6%), and the Spanish company Melia Hotels & Resorts (Melia).

The MoU paves the way for Melia Hotels & Resorts to operate the hotel planned to be established within Ajwan Resort, a prestigious project located on Half Moon Beach in the Eastern Province of the Kingdom of Saudi Arabia, with an area of 1 million square metres, or approximately 1.25 kilometres of open waterfront.

The MoU was formalized as one of the activities of the Real Estate Future Forum held in Riyadh under the sponsorship of His Excellency the Minister of Municipal, Rural Affairs, and Housing, Mr. Majed Al-Hogail, in the presence of His Excellency the Undersecretary of the Ministry of Tourism, Mr. Mahmoud bin Samir Abdulhadi, and His Excellency the Chairman of Sumou Holding, Dr. Ayed Al-Qahtani.

The agreement was signed by Dr. Abdulaziz Al-Dakheel, Chairman of the Board of Directors of First Gulf Real Estate, and Mr. Jordi Sanchez, Director of Development of Melia International Hotels & Resorts. Melia Hotels & Resorts emerged as the chosen operator for the hotel planned to be established in the resort, a decision based on the company’s extensive experience in operating international resorts since its founding in 1956 in Mallorca (Spain), where it operates more than 400 hotels in more than 40 countries and across 10 brands, combining exceptional hospitality with efficient management.

Commenting on the collaboration, Dr. Abdulaziz Al-Dakhil, Chairman of the Board of Directors and member of the Board of Directors of Inovest, expressed his enthusiasm, stating: “The Kingdom of Saudi Arabia has positioned itself as a global power with a focus on huge, luxurious tourism development projects under implementation in line with the 2030 Vision. Consequently, we are pleased to witness this great milestone reflected in the inauguration of Ajwan Resort at the highest level of elegance.”

Talal Al-Mulla, Chief Investment Officer at Inovest Group, added: “There is no doubt that the Meliá hotel brand will be a profound addition to the Ajwan project due to its experience and exposure in the hospitality industry, in particular, waterfronts. This will serve to create an entertainment, tourist, and residential destination, not only for the owners of villas and townhouses in the Ajwan project but for the Eastern Province as a whole.”