Saudi Real Estate Company has agreed with US firm Starwood Hotels and Resorts to build two hotels next to a district of Riyadh which the government plans to develop into an international business zone.
Starwood will manage a five-star hotel under its Westin brand and a four-star hotel under its Element brand, Saudi Real Estate, which owns the land, said on Sunday without giving details of construction plans.
The project will be adjacent to the multibillion-dollar King Abdullah Financial District, the company said. The district was launched in 2006 to house banks and the financial regulator but has struggled to attract tenants.
The government said in April that it would rescue the financial district by transforming it into a special business zone with competitive regulations, visa exemptions for foreigners working there, and direct connections to Riyadh’s international airport.
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Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
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Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
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Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
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