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The signing of the 326 room Crowne Plaza Riyadh ITCC took place at a press conference held at InterContinental Riyadh. Present at the signing were H.E Mohammed Bin Abdullah Al Kherashi, Governor of the Public Pension Agency and Chairman of the Board of Rayadah Investment Company and John Bamsey, Chief Operating Officer, IHG Middle East and Africa.
Also present at the signing were Eng. Saud Al-Malag, Projects Director, Bander Harbi, Vice President Operations IHG, Saudi Arabia and Rani Gharbié, Director of Development IHG, Middle East and Africa.
Rayadah Investment Company has committed SR6.2bn for the development of the ITCC project, a community designed to attract and host advanced technology, information and communication companies providing them a platform to establish their regional operations in Saudi Arabia.
The ITCC will consist of commercial and residential buildings, governmental service buildings, banks, restaurants and recreational activities. Along with the ITCC, Rayadah Investment Company will be the master developer of the King Abdullah Financial District.
"Saudi Arabia has the potential to be a booming business hub for the Middle East and projects such as the ITCC will increase the country's competitiveness in the region's technology sector. At the same time, this reflects the increase in demand for specialty business communities that in turn attract inbound business travel," said H.E Mohammed Bin Abdullah Al Kherashi. "Crowne Plaza Riyadh ITCC will cater to the expected increase of business travellers in Riyadh's core expansion area, as it continues to develop."
Crowne Plaza Riyadh ITCC will include approximately 5,000 square metres of meeting space including a high tech conference centre. The hotel will also feature a variety of dining options such as an all day dining restaurant and a specialty restaurant.
"IHG has experienced positive growth throughout the Kingdom, particularly in relation to our business accommodation segment. Business travel to Saudi Arabia is increasing year on year and this trend looks set to continue, as the Kingdom pushes forward with extensive business developments such as the ITCC,"
added John Bamsey, Chief Operating Officer, IHG Middle East and Africa.
"Saudi Arabia is very much part of our growth strategy for the Crowne Plaza brand within the region. It is an extremely important market for us and one that is moving at a fantastic pace towards realising its potential as a key business hub within the Middle East."
"Considering Crowne Plaza Riyadh ITCC will be the only hotel within the complex, is testimony to the strength of the brands reputation as a high quality upscale business facility that caters specifically to the needs of discerning business travellers," Bamsey concluded.
Development of Crowne Plaza Riyadh ITCC is scheduled to begin in Q4 this year and is expected to be completed by the Mid of 2012. The hotel is the fourth property under the brand in IHG's Saudi Arabia pipeline. IHG currently operate a Crowne Plaza property in Jeddah and a total of 22 properties in the Kingdom.
Posted by Rima Ali Al Mashni
