Cayan Group, a leading real estate investment and development company in the Middle East, has signed a development agreement with NEOM, a gigaproject spanning 26,500 square kilometers in northwest Saudi Arabia.
Under the agreement, Cayan Group will fully fund and develop a Hampton By Hilton hotel situated at the NEOM Community site to meet the rapidly rising accommodation demand from the construction sector– a critical component to further progress earthworks at the site. Construction, led by BEC Arabia, has already started on the hotel, and it is expected to open by the end of 2023.
Ahmed Alhatti, Chairman of Cayan Group, said: “We are excited to become part of the visionary and unique project that is NEOM, and to be taking this step together with our globally recognized and respected partners Hilton Hotels and Resorts and BEC Arabia. The leadership of His Royal Highness Mohammed bin Salman, Crown Prince and Prime Minister, has supported the private sector through such projects.”
This agreement is the first at NEOM to be fully funded by the private sector, and Cayan Group’s investment further highlights the private sector’s interest in Saudi Arabia. The hotel’s flexible design and construction will center around sustainability while deploying energy efficient systems. As NEOM moves forward to meet its ambitious targets, developing livability options is an important milestone to fulfil the need of visitors.
“We’re delighted to be working with Cayan Group on the NEOM Community project. This signing signals Hilton’s ongoing efforts to contribute to the growth of the tourism sector in the Kingdom, our enduring commitment to both public and private sector partners and the growing demand for world-class offerings and new experiences throughout the Kingdom,” said Carlos Khneisser, vice president, Development, Middle East & Africa, Hilton.
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