Ascott Signs its First Property in Saudi Arabia

Ascott has signed a management contract for its first serviced residence in Saudi Arabia.

The 230-unit Ascott Olaya Riyadh is slated to open near the King Abdullah Financial District in 2015.

Ascott Olaya Riyadh is just five minutes from the highly anticipated King Abdullah Financial District. Touted as the new financial centre of Riyadh, the district will be home to the GCC Central Bank headquarters, the Capital Market Authority and the Saudi stock bourse, Tadawul. The King Abdullah Financial District will also be a hub for financial and legal institutions, accounting and consultancy firms and other business service providers.

Guests will be able to choose from a mix of studio, one or two-bedroom apartments. Each will feature a fully-equipped kitchen, separate work and sleeping areas as well as a host of other modern amenities.

An health club, comprising a gymnasium, steam room and swimming pool will be available for residents to unwind after a long day.

Mr Chong Kee Hiong, Ascott’s Chief Executive Officer, said, “Ascott has steadily grown from Singapore to over 70 cities worldwide and our entry into Saudi Arabia marks yet another milestone for us. Saudi Arabia offers strong opportunities for serviced residences. It is the biggest economy in the Middle East and its gross domestic product is forecast to grow by about 5% per annum over the next few years. Saudi Arabia has the largest banking sector in the Middle East and is home to the 11th largest stock exchange in the world. The country has been attracting huge volumes of foreign direct investments as its economy continues to diversify and grow. Ascott’s expansion in the GCC with Ascott Olaya Riyadh will enable us to cater to the rising number of expatriates and travellers to the region.”

The addition of Ascott Olaya Riyadh will increase Ascott’s portfolio in the Gulf Cooperation Council (GCC) to almost 1,300 serviced apartment units across seven properties in Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

In the GCC, Ascott currently manages Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha and Somerset Al Fateh Bahrain. Ascott is also slated to open its first properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences by 2014.