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Ascott opens its first residence in Saudi Arabia

The Singaporean residences operator announced the signing of a management contract to develop its first establishment in the country, in Riyadh.

Ascott Limited is pursuing its international development by locating its residences brand in Saudi Arabia. The Singaporean operator announced the signing of a management contract with the locale Rafal Real Estate Development company for the management of its first building in the destination, in Riyadh.

The Ascott Olaya Riyadh residency should open its doors between now and 2015 in the King Abdullah financial district. It will offer 230 apartments.

The new establishment reinforces the presence of Ascott Limited in the Gulf countries, bringing the number of apartments it operates in the region to 1 300. It is present in Bahrain, Oman, Qatar, and now Saudi Arabia.
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