The Ascott Limited (Ascott) is poised to become one of the largest international serviced residence operators in the Middle East as it sets to more than double its network in the region.
Most recently Ascott inked contracts to manage its first two serviced residences in Al Khobar, one of the main metropolitan cities in Saudi Arabia’s oil-rich Eastern Province. The 172-unit Ascott Corniche Al Khobar and 133-unit Somerset Downtown Al Khobar are slated to open in 2018 and 2019 respectively. These latest contracts will increase Ascott’s presence in the Middle East to more than 2,300 apartment units across 16 properties in nine cities in Bahrain, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates (UAE).
Several countries in the Middle East are taking steps to boost their economies. Saudi Arabia, the largest economy in the Middle East, has opened its stock market to foreign investors. In recent years, it has been diversifying its economy by investing in telecommunications, petrochemicals, natural gas and power generation sectors. As more multinational corporations from these sectors expand in Saudi Arabia, it will generate demand for Ascott’s serviced residences. Major infrastructure projects are also underway in Qatar and the UAE for the FIFA World Cup 2022 and the Dubai World Expo 2020 respectively.
Ascott recently opened Somerset Panorama Muscat and Citadines Al Salamah Jeddah, the first Citadines-branded property in the region, following the successful opening of Ascott Sari and Ascott Tahlia Jeddah last year. Ascott Rafal Olaya Riyadh is due to open later in 2016. Citadines Culture Village Dubai, Citadines Al Ghubrah Muscat and Somerset Maslak Istanbul will open in 2017. Four more properties are slated to open in 2018 – Ascott Culture Village Dubai, Ascott Corniche Al Khobar, Somerset Corniche Jeddah and Sohar Garden Residences in Oman. Somerset Downtown Al Khobar will open in 2019.
Ascott Corniche Al Khobar (opening in 2018)
Offering a picturesque view of the Arabian Gulf, the premier Ascott Corniche Al Khobar is located in the Corniche waterfront esplanade along Prince Turki Street, a popular area in the city with a variety of restaurants, retail shops and malls. The serviced residence is also in close proximity to King Fahd Road, the main business district in Al Khobar, and a 10-minute drive from the Al Khobar-Bahrain causeway.
Ascott Corniche Al Khobar will have studios, one-, two- and three-bedroom apartments. Residents can look forward to a wide range of facilities at the property, including a swimming pool, jacuzzi, gymnasium, sauna, steam bath, restaurant, business centre and lounge.
Somerset Downtown Al Khobar (opening in 2019)
Somerset Downtown Al Khobar is located on Prince Faisal Bin Fahd Road, the city’s busiest thoroughfare with a wide array of shopping, dining and entertainment options. It is also situated within the business district where many local and international companies are based, as well as within easy reach of the popular Corniche.
The serviced residence is easily accessible from all parts of the city via a well-developed road network. It is a five-minute drive from Al Khobar’s upcoming main railway station, which upon completion in 2017, will link the Eastern Province to Riyadh in less than three hours.
Somerset Downtown Al Khobar will offer one- and two-bedroom apartments with facilities such as a gymnasium, swimming pool, restaurant, residents’ lounge and children’s playroom.