RIYADH: Saudi Arabia is set to transform Madinah into a modern Islamic and cultural destination thanks to Rua Al Madinah Holding Co., the real estate company owned by the Public Investment Fund, partnering with Accord Group to launch three properties in the city.
The project will include a 140-room Fairmont Hotel, 120 Fairmont branded residences, 466-room Swissotel and 328-room Novotel.
“We are proud to sign the first Swissotel property and strengthen our Novotel offering in Madinah. Through these signings, our primary goal is to support the diverse offering at the master development of Rua Al Madinah,” said Duncan O’Rourke, CEO of the Middle East, Africa, Turkey and Asia-Pacific region at Accor.
The hospitality chain has been present in the Kingdom for over 20 years, counting over 9,000 rooms with direct access to the Haram.
The deal is part of the Rua Al Madinah master plan that covers over 1.5 million sq. meters of space with direct views of Al Masjid al Nabawi, known as the Prophet’s Mosque.
The plan will supply over 47,000 hotel rooms by 2030, accommodating 63 percent of open spaces and 37 percent of built area.
“Rua al Madinah project is building a city of hotels and supporting retail and other asset classes,” said Ahmed bin Madhi, chief investment officer at Rua Al Madinah Holding Co, while speaking at the Future Hospitality Summit in Riyadh.
The project is adopting smart and sustainable solutions, including a district cooling system, greywater treatment and recycling infrastructure, smart city technology, an energy-saving and interactive lighting platform, and an intelligent network for guiding panels.
Mohammed Al-Khalili, chairman of Rua Al Madinah Holding Co, told Arab News: “The value of the total project is almost SR140 billion ($37 billion). When completed, the project will add 93,000 direct and indirect jobs.”
The project is an important initiative by the PIF as it raises the readiness of the eastern region in Madinah to accommodate more visitors in a distinguished urban environment, highlighting its religious and cultural characteristics.
Rua Al Madinah Holding partners with Accor to light up the hospitality landscape in Madinah
https://arab.news/8m4h2
Rua Al Madinah Holding partners with Accor to light up the hospitality landscape in Madinah
SAL agrees $30m Aviapartner Liege acquisition to expand into Europe
RIYADH: SAL Saudi Logistics Services Co. has agreed to acquire Belgium-based Aviapartner Liege SA for €28 million ($30.3 million), giving the Saudi logistics firm a foothold at one of Europe’s major air cargo hubs.
Under a sale and purchase agreement signed with Aviapartner Belgium NV and Aviapartner Holding NV, SAL will acquire 100 percent of the company’s share capital on a cash-free, debt-free basis, according to a filing on Saudi Exchange.
The acquisition gives SAL a full operational presence at Liege Airport in Belgium, a key European cargo hub, and is expected to support the company’s long-term growth strategy.
SAL, which provides cargo handling and logistics services across Saudi airports, has been expanding its service portfolio as the Kingdom invests heavily in aviation and supply-chain infrastructure under Vision 2030.
In the Tadawul filing, the company stated: “This acquisition supports SAL’s international expansion strategy by establishing an operational footprint at a key European cargo hub, expanding its cargo ground handling and logistics service offerings at international airports, geographically diversifying its revenue streams, and leveraging operational synergies through access to established infrastructure, airline relationships, and a mature operating environment.”
The deal is strategically significant because Liege Airport has emerged as one of Europe’s most important air cargo hubs and a rapidly expanding gateway for global freight flows.
The Belgian airport is the fifth-largest cargo airport in Europe and has recorded strong growth in recent years, handling more than 1.3 million tonnes of cargo in 2025 as volumes rose about 14 percent year on year.
The transaction will be financed through the company’s available cash resources and remains subject to customary closing conditions and regulatory approvals.
Aviapartner Liege, based in Liege, Belgium, primarily provides ground handling and cargo services.
Financial disclosures show Aviapartner Liege generated revenues of €24.7 million in 2023, rising to €28.6 million in 2024 before declining to €24.3 million in 2025.
SAL said it expects the transaction to have a positive long-term impact on its financial performance following completion and consolidation of the acquired company’s financial results.
The company added that no related parties were involved in the transaction, which was signed on March 4.
