DAMAC Hotels and Resorts, the hospitality arm of DAMAC Properties, signed a partnership agreement with Rotana Hotel Management Corporation. Under this agreement, DAMAC Towers Arjaan by Rotana, Riyadh, will be operated under the Arjaan Hotel Apartments by Rotana brand. The project will feature luxury hotel apartments furnished by Fendi Casa.

DAMAC Towers Arjaan by Rotana, Riyadh is the first property to be included in the agreement and comprises of two towers that offer deluxe serviced apartments and a collection of penthouses.

Ali Sajwani, general manager of operations at DAMAC, said: “Our partnership with Rotana will help us realize our vision of offering unrivaled investment opportunities in the hospitality industry. The Kingdom sees continued growth in the travel sector, which is driven primarily by leisure, pilgrim, and corporate visitors, and we are confident that this partnership will translate to renewed value for investors and differentiated experiences for our guests.”

Acting CEO of Rotana, Guy Hutchinson, said: “We are proud to be signing this agreement with DAMAC and to be participating in the Kingdom’s development journey towards Vision 2030. The partnership confirms our commitment to achieving the goals of the National Transformation Program 2020, which entails the activation of the Kingdom’s regional and global role as a commercial and economic center, as well as a destination for tourists and investors alike.”

The agreement with Rotana, will further boost investors’ confidence through an attractive rental pool program.

The partnership between two of the region’s most prominent homegrown brands also highlights a shared commitment to service the thriving hospitality market of Saudi Arabia. This rise in tourism is attributed to the Kingdom’s ambitious Saudi Vision 2030 roadmap that emphasizes on diversifying the economy with increased investments in infrastructure, real estate and tourism sectors.