Taiba to launch new hotel projects soon, says CEO

11:10 AM (Mecca time) Argaam

Taiba Investments Co. currently operates in seven cities across Saudi Arabia and has eight projects under development, CEO Sultan Al-Otaibi told CNBC Arabia on the sidelines of the company’s new identity launch.

 

Al-Otaibi said the trial opening of the Makarem Al Madinah Tower Hotel will take place in the coming days, followed by the Novotel Al Madinah. He added that the Crowne Plaza Al Takhassusi is also scheduled to open in the coming months.

 

Taiba’s new strategy and brand identity aim to deliver services and products aligned with both current and future market demand. He added that Taiba’s investment portfolio exceeds SAR 2 billion, including both announced and upcoming projects.

 

When asked about land plots subject to the white land tax, Al-Otaibi said the company plans to develop 60,000 square meters of land under this category.

 

According to data compiled by Argaam, Taiba earlier disclosed that its total white land holdings in Riyadh — falling under the first tax tier of 10% — amount to 60,000 square meters.

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