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June 27, 2012

Elaf Group to build four new hotels in Saudi Arabia

Hospitality firm Elaf Group has invested SAR400m ($107m) to construct four new hotels in Saudi Arabia to meet the demands from the growing number of tourists visiting the country.

By Srivani Venna

Hospitality firm Elaf Group has invested SAR400m ($107m) to construct four new hotels in Saudi Arabia to meet the demands from the growing number of tourists visiting the country.

The new hotels include the Elaf Bakkah and the Elaf Al Kawthar in Makkah; the Elaf Galleria in Jeddah and another hotel in Madina, which has yet to be named. Construction is expected to be complete between 2012 and 2014, depending on the property.

Elaf Group president Ziyad Bin Mahfouz said that the new projects were in line with its efforts to expand its investment portfolio.

“We will remain steadfast in our commitment to support the government’s move to promote Saudi tourism and help the sector become a major contributor to the country’s economy.”

The group is aiming to double the number of its hotel rooms in the region to 5,000 before the end of 2012.

"We will remain steadfast in our commitment to support the government’s move to promote Saudi tourism and help the sector become a major contributor to the country’s economy," Mahfouz added.

Elaf said its continuing initiatives to improve tourism services contributed to a 30% growth in revenue in the first quarter of 2012, when compared to the same quarter of 2011.

"Our ultimate goal is to strengthen the kingdom’s presence and position in the international tourism market, making it a prime global tourist destination," Mafouz added.

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