Taiba Investments eyes multiple hotel projects: VP

Logo of Taiba Investments

Hamad Alsalman, Vice President of Marketing and Communications at Taiba Investments, said the company currently operates over 39 properties, including hotels of various classes as well as residential and commercial projects.

He told CNBC Arabia that the company’s portfolio includes approximately 7,700 hotel keys across seven cities in Saudi Arabia.

The occupancy rates vary by city, with Riyadh recording rates between 61% and 63% in 2024, while Madinah’s occupancy rate reached nearly 70% last year, Alsalman noted.

He added that the company is currently working on launching several projects, including the Rixos Obhur Hotel in Jeddah, which will be the first-of-its-kind resort in the Kingdom.

Upcoming openings also include Makarem Burj Al Madinah and Crowne Plaza in Riyadh, in addition to other projects to be announced later this year and next.

Alsalman emphasized that signing an agreement with Hilton was a strategic move following Taiba’s acquisition of Dur Hospitality in 2024. The deal marks the entry of the global Waldorf Astoria brand into Madinah, aligning with Taiba's vision of offering high-end hospitality experiences for pilgrims.

Regarding upcoming agreements, the official said the company is set to sign a deal this year with Salesforce, one of the world’s leading customer relationship management (CRM) companies.

According to Argaam data, Taiba Investments’ net profit surged to SAR 333.7 million in 2024, compared to SAR 109.2 million in 2023. Q4 2024 net earnings amounted to SAR 90.1 million.