Saudi Arabia-based Sisban Holding is planning to invest SAR1.5bn ($399.8m) in Fairmont International Hotel to be built at Jeddah Corniche.
Sisban also entered an agreement with Fairmont to manage the hotel, which is expected to be launched by the end of 2018.
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The Fairmont hotel in Jeddah will consist of a 65-storey tower with 350 rooms overlooking the sea, and will feature the largest conference hall in Jeddah.
Jeddah Fairmont Hotel will be designed and built by Sisban and will be located a five-minute drive from Jeddah’s North Corniche.
It will also house 100 luxury apartments, which will make it the first hotel to manage a real estate project in the region.
The project will include several restaurants, sports and recreational clubs and meeting rooms.
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By GlobalDataSisban CEO Dr Almufarreh said: "In light of the growing demand for the tourism sector, the high-end hotel brands in Jeddah have increased to be one of the first priorities in the light of that enjoyed by the city of standing, economic and tourist potential in the Kingdom and the region."
According to Dr Almufarreh, the hotel is being launched at a time when Jeddah is undergoing transformation with the launch of several other important projects, including thr Metro railway project in Makkah and expansion of Jeddah airport.
