Singapore’s Ascott wins contracts to manage three Saudi properties

Hospitality firm Ascott Limited has won contracts to manage another three properties in Saudi Arabia, including its first in Makkah, parent firm CapitaLand said in a statement.

The 280-unit Ascott Makkah, 92-unit Ascott Villas Riyadh and 69-unit Spectrums Residence in Jeddah are scheduled to open next year. In addition, the firm is also set to open Ascott Rafal Olaya Riyadh, its first serviced residence in the kingdom's capital.

The latest contracts increase Ascott's portfolio in the Middle East to more than 2,700 apartment units in 19 properties across 10 cities in Bahrain, Oman, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates (UAE).

“Religious tourism is one of the fastest growing segments in the travel industry. In Saudi Arabia, religious tourism is valued at $5.68 billion, with 19 million pilgrims having visited Makkah and Madinah in 2015, and this is further expected to reach 30 million by 2025,” Ascott chief executive officer Lee Chee Koon said, explaining the drive behind opening a property in Makkah.

Koon said Ascott aimed to double its portfolio in the Middle East to 5,000 units by 2020.