• Imminent start with SAR 200 Million renovation of Al Faisaliah Mall
• Al Faisaliah Mall set to transform the future of retail in the Kingdom
Riyadh, May 2017: Al Khozama Management Company announces the appointment of Salini Impregilo – one of the largest global contractors – in the landmark SAR 1.1 Billion Al Faisaliah District renovation contract to upgrade Al Khozama’s retail, hospitality and commercial assets commencing with the renewal of the iconic Al Faisaliah Mall.
The contract – named the Al Faisaliah District Redevelopment Project – starts with a SAR 200 Million refurbishment of the renowned Al Faisaliah Mall, home to some of the world’s leading designer brands. The remaining SAR 900 million will be purposed to demolish the adjacent Seyahiah and Al Khozama Centre buildings paving the way for the construction of the mall’s new luxury extension, the new modern lavish five-star Al Khozama Hotel and generous inteligiant subterranean parking systems.
This announcement marks another strategic step forward for Al Khozama in realizing its renewed vision to be the leading thinker, developer, creator and manager of luxury properties in Saudi Arabia and beyond.
“We are very excited to begin this substantial Redevelopment project with the introduction of the innovative designs of the new Al Faisaliah Mall to the Riyadh retail landscape” expressed Mr. Abdulaziz S Al Habib, President and CEO of Al Khozama Management Company. Adding “we come from a proud legacy of leaders and innovators in property development, tourism and hospitality. We, as much as our stakeholders, aim to continually raise the standards of the luxury retail, commercial and hospitality industry and we believe that with the new Redevelopment of the Al Faisaliah District, we will accomplish that. Salini Impregilo is a globally renowned name in the construction sector and we are delighted to be working with them to help us deliver on our promise.”
This significant and exciting development brings together the expertise of the Kingdom’s leading property management company and the specialism of the leading international construction and infrastructure group with the purpose of shaping the future of retail, hospitality and commercial real estate both domestically and regionally.
Reflecting the world’s highest architectural standards and lifestyle trends, the new Al Faisaliah Mall extension will create the longest street retail façade in Riyadh and together with the new five-star Al Khozama Hotel will ensure the strongest presence on Olaya Road within the central business district.
Al Faisaliah Mall has been and remains the beacon of the Kingdom’s retail industry’s modernization, bringing exclusive, luxury and premium global brands under one roof, and creating an unprecedented retail experience in the Kingdom.
Designed by award winning architects Gensler, the redevelopment plans for the mall promises a larger and richer luxury shopping experience adding over 16,000 SQM of high tech, contemporary and interactive retail spaces for shoppers and tenants alike.
The new Al Faisaliah Mall will see a significant overhaul and expansion of the current mall’s internal and external space. The overall project timeline is estimated to take three years to complete. From this total, the retail mall will be remodeled and upgraded over phases spanning a sixteen month time period. Renovations will start at the mall’s Olaya Road entrance and a gradual demolition of the Seyahiah building on Olaya Road will also take place. Importantly, throughout the duration of works, the mall will remain operational.
Commenting on this announcement Pietro Salini, CEO of Salini Impregilo stated; “We are honored to be awarded this contract. Our aspiration as a global organization is to develop projects that serve as a catalyst for growth in their respective communities and contribute to the economic and social development of those communities. The Al Faisaliah Mall renovation and the overall Al Faisaliah District Redevelopment project is representative of the kind of projects that inspire our continued passion for excellence.”
Salini Impregilo, a multibillion dollar group, has a number of live projects in the Kingdom and the region including the Riyadh Metro. The group is leading the New Mobility (ANM) consortium for the ArRiyadh Metro project; awarded with the development of the longest Riyadh Metro line covering 41,6 kms in length.
There will be other parties involved in this project with Salini Impregilo holding a primary position in this project.
Al Habib closed by stating “The new Al Faisaliah District Redevelopment designs offer a fresh perspective on the future of retail, hospitality and lifestyle experiences, and we see Salini as the right partner to deliver the construction of this project given the depth of their experience locally and globally in building iconic properties. We are confident that they will deliver an exceptional outcome.“
11 December, 2016: Al Khozama Management Company announces the opening of its first regional office – marking the start of its international aspirations. The award winning company takes this step with the primary view to drive its hospitality portfolio growth regionally.
The vision of the company’s board of directors led by its Chairman, HH Prince Bandar bin Saud bin Khalid Al Saud is to expand its reach beyond the boundaries of the Kingdom of Saudi Arabia and become recognized as the leading Arabian hospitality company – the first choice for its guests, partners and staff.
“We are absolutely delighted and proud to reach this milestone. As a company, we are in times of significant change and expansion. Our board’s resolute vision is progressively materializing. We are developing new and redeveloping a number of the properties we manage. Bringing to market – novel cultural, leisure and travel concepts. With the key being in the concept, we want to add to the market, spark its imagination and give our guests rich experiences be it our hotels, malls and even within office space. We just launched a new concept resort in Riyadh and our plans for the future include more properties in the eastern and western regions of the Kingdom. The UAE is a natural next step for us.”
Al Khozama’s leadership has built a legacy over the decades, for its distinct skillfulness in identifying needs and bringing to fruition what was once perceived luxury niches within both hospitality and realty.
Al Khozama transformed the luxury hospitality industry in the Kingdom by introducing the first 5-star luxury hotel – Al Faisaliah in 2000 – introducing its signature butler concept for all rooms and suites. The company currently manages a wide-ranging portfolio from leisure resorts, city center business hotels and residences, and hotels in the Holy city of Makkah.
“Our clients both the businesses and individuals expect bespoke dealings at our hotels. Our hospitality principles are grounded in the authentic essence of Arabian hospitality. You will see it with both local or international guests, hospitality grounded in the traditions of the company’s roots creates a richer experience for the guest – it is more memorable, therefore appreciated more” explained Hussien Hatata Vice President of Hospitality at Al Khozama.
Adding “With the opening of our regional office we are ripening our offering in tandem with our guest needs. Amplifying personalization, simplification and seamless experience”
Alpen Capital reported projection of 9.5% annual growth over 5 years till 2018 for the GCC region. The hospitality industry is a quickly evolving market that shows clear signs and shifts in both the expectations and needs of key stakeholders. Technology is at the forefront in accelerating the change.
Riyadh, Saudi Arabia, November 2016: Al Khozama Management Company announced that it is working with the global hospitality company Hakkasan Group, to open five new restaurants in the Kingdom, including Hakkasan, Yauatcha and Sato No Hana, in the next five years. This move marks Hakkasan Group’s first step into Saudi Arabia.
As Saudi Arabia’s leading hospitality and property management company, Al Khozama has been refining the Kingdom’s retail, dining and hospitality experiences since 1995. Hakkasan Group, has more than 50 establishments across the Middle East, Europe, the USA, and Asia and this launch is a continuation of its business strategy of taking its brand portfolio into new high-growth markets across the world. Together, these two companies will bring some of the world’s finest dining experiences to the Kingdom, introducing offers not currently available.
To celebrate this milestone and the strategic relationship between the two businesses, the agreement was signed by Mr. Abdulaziz Al Habib, President of Al Khozama Management Company, and Neil Moffitt, CEO of Hakkasan Group, at a ceremony held at the Al Faisaliah Tower this morning.
Commenting on the relationship Al Habib stated:
“Over the years, we have committed to offering our diners and guests in the Kingdom unparalleled dining experiences. A number of our restaurants in the Kingdom are consistently rated among the top 20 in the country. In Saudi Arabia, we are witnessing a burgeoning fine-dining culture. Both residents and visitors have more refined tastes and discerning dining expectations. Hakkasan Group excels in creating dining experiences that are unmatched. We look forward to working together to cater to this segment and introduce to the market a new level of excellence in dining unprecedented in the Kingdom.”
“This announcement comes at the perfect time. Vision 2030 is fuelling pursuits of ambition, excellence and opportunites all round. We feel its pulse vibrating in the economy, the society and the nation as a whole. Al Khozama had and still has a passion for excellence at the core of our business – crafting the most memorable experiences. Our relationship with Hakkasan Group will enable us to reach new heights in delivering on our promise to our country, our society and all visitors of the Kingdom.”
CEO of Hakkasan Group, Neil Moffitt, said:
“Saudi Arabia has a flourishing restuarant sector and is an ideal location for the Group to open our restaurant brands Hakkasan, Yauatcha and Sato No Hana. With a dynamic economy and growing numbers of tourists visiting Saudi Arabia, we are excited about bringing a new and fresh dining experience for both locals and the global customer coming to the region.
“Importantly, this partnership builds on our global expansion strategy by rounding out our portfolio in the Middle East, where we already have a presence in Dubai, Abu Dhabi and Doha, and soon to be in Bahrain.
“For Hakkasan Group, choosing like-minded partners has always been key for us. Al Khozama operates one of the most successful luxury hospitality companies in the Kingdom and caters to a similar cliente of well-traveled high-net worth individuals. They have the same focus and passion for excellence in culinary experiences and impeccable service. We look forward to bringing our distinctive offerings to the Kingdom with Al Khozama”.
Riyadh, Saudi Arabia, October 2016: Today Al Khozama Management Company, Saudi Arabia’s leading hospitality and property management company, signed a substantial funding agreement with The National Commercial Bank to provide a SAR 1.3 billion banking facility.
The agreement was signed today by His Highness Prince Bandar bin Saud bin Kalid, Chairman of Al Khozama Management Company, and Eng. Yasir AbuSuliman, Head of Structured Finance at NCB at NCB.
Commenting on the agreement His Highness Prince Bandar said:
“This investment will be a qualitative addition to our current assets and will support our returns on investment, which is consistent with our vision and development of Saudi Arabia. His highness also mentioned that: “Al Khozama Management Company always aims to develop its business and services to offer a unique and amazing experience in a time of severe competition in the market, this investment will continue to provide a unique distinguished offering consistent with our previous one”. His highness thanked NCB for their constant support for the company since the construction of Al Faisaliah Tower, Mall and Hotel in the early 2000’s, which has been an iconic and successful landmark in Riyadh.
Commenting on the agreement, AlSharif Khalid AlGhalib, NCB’s Head of Corporate Banking Group, said: ”The National Commercial Bank is leading the corporate financing industry compared to our competitors. The agreement with Al Khozama showcases the Bank’s contribution in supporting the Saudi economy’s vital industries, as well as our understanding of how Al Khozama project’s strategic objectives and positive impacts on our national economy, particularly the real estate and hospitality sectors.”
AlGhalib added: “NCB signed many finance agreements with national companies in an effort to support the Saudi Arabia Vision 2030 and the economic development of our country, highlighting NCB’s endeavors to offer Sharia-compliant innovated products that meet its client’s requirements, serve different industries, and support our national economy.”
On his part, Eng. Yasir AbuSuliman, Head of Structured Finance at NCB, asserted NCB’s leadership in financing projects through recent finance agreements with strategic partners, benefiting from NCB strong portfolio of Sharia-compliant innovated products that serve the real estate sector’s development, particularly the multi-purpose commercial projects that combine hospitality, retail and service facilities. The agreement also accommodates Al Khozama’s investment needs to escort the revolution of real estate industry and carry on with its successful journey.
April 27, 2016 – Al Faisaliah Hotel has received the 2016 award for “Best Business Hotel in Riyadh” at the renowned Business Traveller Middle East Awards. It was also a top contender for the “Best Business Hotel in the Middle East” award. Continue reading →
Award winning Al Khozama Management Company has been showcasing its expansive hotel portfolio at Arabian Travel Market in Dubai.
Al Khozama boasts a diversified business model that covers the ownership, investment and management of properties in the hospitality, retail and office sectors. Continue reading →
RIYADH — Al Khozama Management Company, Saudi Arabia’s leading hospitality and property management company, brought home ten awards at the 2015 World Travel Awards (WTA) grand gala ceremony. Held in Dubai on May 5, 2015, Al Khozama won the highest number of coveted awards reached amongst nominees this year. Continue reading →