RIYADH: Real estate company Blacksand and Marriott International signed a SR5 billion ($1.33 billion) agreement to develop 10 hotels in Saudi Arabia at the Future Hospitality Summit in Riyadh.
The deal will see the creation of almost 11,000 jobs covering the construction and operation of the facilities, which will provide 1,300 rooms in the next four years.
The companies aim to generate over 6,000 full-time roles, with 60 percent of those dedicated to Saudi nationals.
Speaking to Arab News after the agreement was inked, Blacksand CEO Omar Alabdullatif said the first development, called The Business Address, is set to open next year, while Town Center is earmarked for 2028.
Alabdullatif said the 10 hotels announced under the agreement represent around SR5 billion in investment, with Blacksand already involved in a SR40 billion pipeline of projects across Saudi Arabia.
Omar Alabdullatif, CEO of Blacksand at FHS Riyadh. AN
Discussing the latest announcement, Alabdullatif said: “We are expected to generate around 6,900 jobs, hopefully full time jobs, on top of that 4,000 are going to be related to construction.”
He added that the bulk of that number is going to be composed of their direct employees, as well as tenants who may lease the spaces in the future such as corporations, office spaces, retailers and so on.
Alabdullatif said the developments are targeting gaps in the Kingdom's hospitality market. He revealed that the signed agreement will include what he described as the first private-sector St. Regis resort in Saudi Arabia, alongside hotels planned for Misk City's West Hall development and the Metro One project next to Sulaiman Al Habib Hospital.
He said: “What we noticed in that area is that there’s almost no hotels in the Misk-adjacent area.”
Alabdullatif added that the area lacks branded three-star accommodation, with many travelers seeking rooms priced between SR500 and SR600, while existing branded hotels can cost significantly more.
The CEO also revealed that Blacksand is working on three farm resorts, which will be part of Marriott’s Autograph Collection, that take in the cultural aspect of “Istirahas” — private rest houses that many Saudi families own or rent for recreational and social activity.
He said: “It’s an excellent product, a lot of people in the country and even expats love it. We wanted to add a global twist, let’s say, so we’re getting Marriott’s expertise in hospitality and having them operate in Istiarahs.”
In a press release marking the deal, Jerome Briet, chief development officer for Europe, Middle East and Africa at Marriott International, said: “This landmark deal with Blacksand reflects Marriott’s continued focus on diversifying our portfolio across Saudi Arabia to deliver meaningful hospitality experiences in line with the country’s tourism priorities.
“From immersive resort escapes and design-led stays to vibrant social hubs and extended-stay living, we look forward to introducing a range of experiences tailored to meet the evolving needs of travelers visiting the Kingdom.”
