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Mohammad AbdulAziz Al Rajhi & Sons Co. held an appreciation event in honour of its
distinguished subsidiaries, to recognize their efforts during the year 2018.
The company’s Chairman, Mr. Yazid Bin Mohamed Al Rajhi, expressed his deep gratitude and encouraged further productivity and dedication from the subsidiaries, mentioning that Rajhi Invest Company is the first of its kind in holding such an event which highlights efforts and entices them to grow stronger.
Mr. Badr Bin Mohamed Al Rajhi, Subsidiaries’ Chairman & Rajhi Invest Board Vice Chairman, also expressed his admiration towards this meaningful gesture held by Rajhi Invest’s Chairman and board members based on notable performance indicators of the subsidiaries in various fields and sectors, and thanked them all.
In conclusion of the event, trophies were distributed and commemorative photographs were taken.
Mohammad AbdulAziz Al Rajhi & Sons Co. signed a partnership agreement with InterContinental Hotels Group to launch and operate VOCO InterContinental Hotel and Holiday Inn in the city of Khobar.
VOCO InterContinental Hotel will be the first of its chain in the Kingdom of Saudi Arabia, and Holiday Inn Khobar will be the largest hotel in the Eastern region.
Both hotels are situated in the city of Khobar, home to the petroleum industry and petrochemistry in the Kingdom. It is the city that over the past years has been transformed by expats and locals to form an integral commercial point due to its unique location of overlooking the sea, making it an attractive spot for local tourists looking for a perfect weekend getaway within the Kingdom.
Mr. Badr Bin Mohamed Al Rajhi, the Board Vice Chairman of Rajhi Invest, signed the agreement with Mr Pascal Jovin, CEO of IHG in India and the MENA region, amidst a celebratory event held in the Kingdom and attended by Saudi Arabia’s finest elite of businessmen.
VOCO InterContinental Hotel is scheduled to open its gates within the year 2019, providing 5 star services to its guests in a charming atmosphere stamped with its signature of unparalleled service and quality standards. It is comprised of 123 rooms and suites and guest facilities including a fitness center and an outdoor swimming pool, alongside 2 distinct restaurants. VOCO also looks after its businessmen guests by providing them an elegant business center and 14 meeting rooms.
Holiday Inn Khobar, set to launch in 2020 in a strategic location, is the prime destination for travellers of both the business and pleasure purposes.
Guests will enjoy a fully equipped fitness center, swimming pool, and up to 4000m2 area designated for meeting and events, catering to the needs of corporations and business travellers. This hotel is comprised of 370 rooms and suites.
“This period of time is considered highly important in the Kingdom of Saudi Arabia,” Mr. Badr expressed, “as we are witnessing a rapid major change in the tourism scene. It is our absolute pleasure to unify our efforts with IHG, which already possesses a strong heritage in KSA, to make use of the growth opportunities that Vision2030 is offering, especially in the field of four and five star hotels.”
Mr. Badr also emphasied on the importance of this agreement which will enable the company to manage and operate the largest and most premium hotels in the Eastern region, pointing out to their strategic locations which are considered one of the success factors of the properties.
Mr. Jovin expressed his pride in having established this agreemnt with Rajhi Invest, since it is the leader in hospitality investment for over 5 decades, asserting that this is the starting point that will pave the path for future collaborative agreements.
Mohammad AbdulAziz Al Rajhi & Sons Co. manages a number of leading projects that are fundamental in the economic system of Saudi Arabia. Rajhi invest aims to benefit from its industry expertise and large managerial infrastructure in managing mega projects and develop new opportunities in the health, services, real estate, industrial and hospitality sectors.
InterContinental Hotels Group
IHG is a pioneer in the premium hospitality sector, currently operating 88 properties through 5 brands in the Middle East including InterContinental, Crowne Plaza, Holiday Inn, Holiday Inn Express and Staybridge Suites. 30 hotels are currently undergoing construction and are scheduled to launch within the coming 3 to 5 years.
Rajhi Invest held a celebratory event at Movenpick Hotel - Riyadh, honoring its former board members in appreciation to their sincere efforts and hard work that contributed in enriching the journey of the company.
Board Chairman, Mr. Yazid Bin Mohammed Abdulaziz Alrajhi, expressed his deep gratitude and positive recognition to the former members of boards & committees and to the general audience alike in this ceremony that celebrated loyalty and dedication.
Sincere gratitude and praise goes out to each and every former member for all their fruitful actions that helped in flourishing the company and expanding its progress.
To commemorate the event, the ceremony was concluded with a segment of handing out memorial shields and capturing memorable photos.
Wasatah REIT, which recently secured approval from the Capital Market Authority (CMA) for its listing on Tadawul, seeks to pay a minimum annual dividend of 90 percent, Wasatah Capital said in a statement.
The SAR 1.08 billion sharia-compliant fund plans to acquire the Movenpick Hotel Riyadh and Coral Al Khobar Hotel, owned by Al Rajhi Invest.
The CMA this week approved Wasatah Capital’s request to offer, register, and list Wasatah REIT units on Tadawul.
The Saudi stock market started listing REITs last year in a move aimed at enhancing transparency in the property sector and easing the Kingdom’s housing shortage.
The new funds will allow investors to access the local real estate market through purchasing existing, developed property.
Mohammad Abdulaziz ALRajhi has always portrayed its success journey by maintaining the rich business diversification in various industry sectors and conducting new investment opportunities too. The company’s CEO Mr. Mohamed Bin Saad Bin Dawood, has declared that Mohammad Abdulaziz ALRajhi is in the process of segregating its investments portfolio under a new independent subsidiary, it will be “ Manafea Investment”. It has been also reported that Manafea Investment will be commencing its activity on the 1st of October 2017 as a Limited Liability company, which will be responsible for managing the investments portfolio of Mohammad Abdulaziz ALRajhi. The company will be in charge for the present spectrum of businesses in Real Estate, Hospitality, Private Equity, and Stock market, as well as the future businesses in different sectors, such as, not limited to, Health Care, Education, and food industry. Mohammad Abdulaziz ALRajhi has adopted this new business strategy to empower its Corporate Governance and pave the path for more growth and achievements in-line with vision 2030.
Mr. Mohamed Bin Saad Bin Dawood (Chairman of the new company) has also stated that “Manafea Investment” has appointed Mr. Ali Abdulrahman Al Gwaiz as a CEO, to utilize his superb knowledge in the investment field; with 10 years of experience as a CEO for Riyadh Capital, plus 12 years at Samba Capital, and 10 years at the Saudi Industrial Fund. Al Gwaiz is a Bachelor in Business Management from Portland University, and he possesses multiple international certificates from renowned global organizations such as Chase Manhattan Bank, Harvard University, and Ensyd institution. Mr. Mohamed Bin Saad Bin Dawood concluded his word by wishing Manafea Investment all the best of luck and achievement under the management of its CEO Mr. Ali Abdulrahman Al Gwaiz.
Mohamed Bin Saad Bin Dawood
Ali Abdulrahman Al Gwaiz
At Al Rajhi Invest we take pride in the Family team spirit which continues to contribute in our success. Our employees are among the most important company assets for us. In this highlight we are celebrating and exchanging best wishes on the occasion of Eid AL Fitr.
One of the leading publications Alsina’a w Altijarah magazine has recently conducted an interview with Alraji Invest CEO, Mr. Mohamed Bin Dawood, who demonstrated an overview about the company business lines, and reported his key resolutions for the future plan of Alrajhi Invest as well as the vision of Saudi Arabia 2030.