Rotana signs 5 hotel partnerships with Saudi real estate developer Memar

Guy Hutchinson, CEO of Rotana (AN)
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Updated 11 May 2023
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Rotana signs 5 hotel partnerships with Saudi real estate developer Memar

RIYADH: In an effort to expand its hospitality portfolio in Saudi Arabia, a top official of hotel group Rotana announced five partnerships with the real estate development company Memar. 

In an exclusive interview with Arab News on the sideline of the Future Hospitality Summit in Riyadh on May 9, Guy Hutchinson, CEO of Rotana, said the additional rooms in Riyadh will increase Rotana’s portfolio by 618 keys. 

This is part of the company’s goal to reach 6,000 rooms over the following four years it operates across the Kingdom. 

Hutchinson said the projects are in various stages of completion, one is an existing property that they will almost instantly take over. 

“The other four are under construction and they’ll come into play at different points in time. But the first three or four will be there within 15 to 18 months,” the CEO said. 

Four of the hotels will be under the “Edge by Rotana” brand, while “Rayhaan by Rotana” will be the fifth.

Hutchinson said: “The Rayhaan is a four-star property, a little bit more upmarket. It’s got banqueting facilities for weddings and events. And the Edge properties are more sort of a three- or four-star space, or a little bit more contemporary, a little bit more interesting, and it’s going to be very much that corporate traveler, and then for anybody who’s spending a weekend in Riyadh. But it’s going to be very business-focused,” he further explained. 

Hutchinson also stated that they will have projects coming up in Al-Baha, a city located in the Hejaz region of western Saudi Arabia. 

“We have a pipeline today of about eight hotels that are coming up in the Kingdom and we see that’s going to accelerate. We signed five at the beginning of this year, we’re going to see more and more signings as we go. The Kingdom is just really growing in terms of hospitality,” he continued. 

Hutchinson said that local talent contributes to the growth of the Saudi Vision 2030 and that it fuels this growth. 

“We have about 50 to 53 Saudi nationals in management development programs. We see this as being fundamental to success in the Kingdom. If you’re not developing local talent, if you’re not grooming and growing that local talent, you’re going to fall behind,” the CEO commented.

“The hotel industry globally, historically, has always been seen as a school for hospitality, and that is very much what we see has been part of our responsibility here. We have the opportunity as a company to grow. In return, our contribution is to grow that talent and to grow that national workforce,” he concluded.


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.