To operate the serviced apartment building at the Dammam project:
Seef Properties and Majd Investment Company announced the signing of an agreement with Fraser Suites, one of the leading international brands specialising in luxury serviced apartments, to manage and operate the serviced apartments building within their mixed-use real estate project in Dammam, Kingdom of Saudi Arabia. This comes as the project continues to make progress across a number of key phases in preparation for moving into the implementation stages.
The agreement forms part of the partnership between Seef Properties and Majd Investment to develop the project, and reflects their shared direction to attract specialised international brands that enhance the components of the destination and deliver an integrated experience combining residential, hospitality, retail and entertainment offerings.
On this occasion, Mr Ahmed Yusuf, Chief Executive Officer of Seef Properties, stated: “The signing of the operating agreement with Fraser Suites confirms the attractiveness of the Dammam project and its ability to attract prominent international hospitality brands. Our collaboration with Majd Investment also reflects the integration of expertise and roles to develop a comprehensive urban destination that offers distinctive experiences across residential, hospitality, retail and entertainment.”
He added: “The project continues to make steady progress across its various phases, with the tendering of site preparation works representing an important step towards moving into the first phase of construction works. Meanwhile, the transition to detailed design confirms that the project is progressing in line with the planned timeline, with a focus on the highest standards of quality and sustainability.”
For his part, Mr Mahmood Al Kooheji, Chief Executive Officer of Majd Investment, said: “The signing of the operating agreement with Fraser Suites marks an important step in the development journey of the Dammam project. It also reflects confidence in the promising fundamentals of the Eastern Province and the opportunities it offers for developing integrated hospitality destinations. We are proud of our collaboration with Seef Properties in developing this project, which brings together residential, retail, hospitality and entertainment components within an integrated urban destination.”
He added: “We look forward to Fraser Suites’ expertise and international standards contributing to the delivery of a distinguished stay experience, while further strengthening the project’s position within the Kingdom’s growing hospitality sector, in line with the objectives of Saudi Vision 2030.”
The Dammam project is one of the mixed-use development projects in the Eastern Province of the Kingdom of Saudi Arabia. Developed in partnership between Seef Properties and Majd Investment Company, the project spans an area of approximately 68,676 square metres and comprises retail outlets, restaurants and cafés, office spaces, residential units, a serviced apartments building, entertainment and sports facilities, in addition to public spaces, landscaping and integrated car parking. The project will deliver a modern urban destination that brings together living, working, entertainment and hospitality within an integrated and sustainable environment.