DAMMAM: An agreement to establish a new five-star hotel in Eastern Province was signed here Wednesday in fulfillment of Prince Muhammad Bin Fahd's vision of developing branded hotel properties in the region. Sheikh Abdullah Fouad, chairman of Abdullah Holding Company, and Omar Al-Jaroudi, chief executive officer of Shua'a Capital Saudi Arabia, signed the joint venture agreement to develop the Rayhaan Hotel by Rotana in Dammam City. The new hotel will be built at the Corniche strip in Dammam, an area accessible to the Eastern Province's main arterial roads to Jubail, Khobar, Dhahran as well as the King Fahd International Airport. “As the hospitality sector further develops in the region, the Abdullah Foud Group is pleased to be taking an active role towards setting up world-class and branded hotel properties in Eastern Province,” Sheikh Abdullah said after signing the agreement. The new hotel is the first to be established by Rotana in the region. It will be constructed at an estimated cost of SR260 million and will feature 240 rooms, most of which will offer an unobstructed view of the Arabian Gulf. The new Rayhaan hotel is one of the eight hotels envisioned to be developed by Shua'a Capital in the Kingdom. Shua'a has started the construction of two other hotels in Jeddah, including a five-star Rayhaan Hotel in Jeddah Corniche and a four-start business hotel on Al Madina road.
