The Ascott Limited (Ascott), has deepened its presence in Saudi Arabia as it secured agreements to manage two more serviced residences in the vibrant port city of Jeddah.
The 51-unit Citadines Sari Jeddah is slated to open in 2015 while the 135-unit Somerset Corniche Jeddah, the first Somerset-branded serviced residence in Saudi Arabia, will open in 2016.
The additions will strengthen Ascott’s portfolio in Saudi Arabia to nearly 700 apartment units across five serviced residences. In the Gulf Cooperation Council (GCC), Ascott’s portfolio will increase to more than 1,700 apartment units across 11 properties in Bahrain, Qatar, Oman, Saudi Arabia and the United Arab Emirates.
Mr Sym Lee, Ascott’s Head for the GCC, said: “We continue to see strong opportunities to expand our network of serviced residences and build our scale in the GCC. Saudi Arabia, in particular, is the Gulf’s largest economy. It has attracted US$141 billion in foreign direct investments during the past five years, the highest in the entire Middle East. The country’s economy continues to show robust growth on the back of infrastructure and private sector development. This bodes well for Ascott as demand for our serviced residences will grow with more companies setting up their businesses in the country. Next year, we have four properties slated to open in Saudi Arabia.”
Besides Citadines Sari Jeddah and Somerset Corniche Jeddah, Ascott will manage the 125-unit Ascott Tahlia Jeddah and the 122-unit Citadines Al Salamah Jeddah for the Group when the properties open in 2015.
In the GCC, Ascott is also scheduled to open Ascott Olaya Riyadh, as well as its first properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences, in 2015. Ascott currently manages Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha and Somerset Al Fateh Bahrain.