The KSA’s Elaf Group has entered into a strategic lease partnership agreement with Al Aqeeq Real Estate Development to rent the Al Majeedi Residential Center, which stands in front of Al-Masjid Al-Nabawi, north of Madinah Al Munawara.
Formalising the agreement was CEO, Elaf Group, Ziyad Bin Mahfouz and CEO, Al Aqeeq Real Estate Development, Aymen Bin Hamza Saeed.
Following the freshly inked agreement, the Al Majeedi Residential Center will be renamed to Elaf Al Majeedi Hotel, and will represent the newest addition to Elaf Hotels Company’s ever-growing portfolio of properties.
The hotel will cater to the needs of the increasing number of religious travellers to Saudi Arabia.
Bin Mahfouz commented on the development: “Expansion and development are key priorities of the Elaf Group, to achieve excellence by constantly innovating its services and keeping them relevant and up-to-date as per the market requirements.
“The signing of this new lease agreement with Al Aqeeq Real Estate Development is part of our ongoing efforts to reinforce the group’s leading position in the hospitality sector across Saudi Arabia and the Middle East,” he concluded.