Taiba Investment Company announced that it has completed and signed a final partnership agreement with Osool Integrated Real Estate Company to establish a special-purpose company for the development of a major hospitality project in Al Madinah.

The total investment value of the project is estimated at SAR 2.4 billion, with Taiba Investment Company contributing SAR 300 million to the new entity. The project will be financed in proportion to each party’s ownership share in the company’s capital and according to the progress of the development phases.

Under the agreement, Taiba Investment Company will oversee the development, refurbishment, and operation of three hotels under a mix of local and international hospitality brands. The project will feature a total of approximately 1,500 hotel rooms, further strengthening the hospitality infrastructure in Al Madinah.

The company stated that the agreement aligns with Taiba Investment Company’s strategic expansion plans aimed at reinforcing its leading position within Saudi Arabia’s hospitality sector. The initiative also reflects the company’s commitment to enhancing the quality of services provided to pilgrims and visitors to Al Madinah, particularly amid the rapid transformation and growth of the Kingdom’s hospitality industry under Saudi Vision 2030.

The new project is expected to add significant hotel assets to Taiba Investment Company’s investment portfolio while supporting the ongoing development of Al Madinah as a key religious and tourism destination in the Kingdom.