Knowledge Economic City has signed a joint venture with Dubai based Maison Privee to launch a new company specializing in short term rentals in The Holy City.
The new company is due to manage premium furnished units and offer full hospitality services for visitors and pilgrims.
The company will begin with KEC’s Al Alya project and aims to attract visitors, enhance property value, investor returns, and flexible ownership options.
Launching New Residential Rentals Company
In a significant move to enhance the hospitality landscape in Madinah, Knowledge Economic City (KEC) has entered into a joint venture with Maison Privee, a renowned Dubai-based luxury short-term rental operator.
This collaboration will be split between KEC and Maison Privee as 70/30% ownership and aims to establish a new company dedicated to managing premium residential rentals, specifically targeting visitors and pilgrims in the region.
The initiative is set to leverage KEC’s strategic location and Maison Privee’s expertise in hospitality management to create a unique offering in the short-term rental market.
Objectives of the Joint Venture
The primary objectives of this partnership include:
- Enhancing Visitor Experience: The new company will provide a range of services tailored to meet the needs of visitors, including housekeeping, concierge services, and event support.
- Increasing Property Value: By managing premium rentals, KEC aims to enhance the overall value of its real estate offerings, making them more attractive to potential investors.
- Flexible Ownership Options: The joint venture will offer property owners innovative solutions that enable both personal use and rental income, thereby maximizing their investment potential.
The Role of Maison Privee
Maison Privee has established itself as a leader in the luxury short-term rental market, known for its commitment to quality and customer satisfaction.
Founded in Dubai in 2017, the company has garnered numerous accolades, including multiple Airbnb Superhost awards. Its partnership with KEC is expected to bring a wealth of experience and operational excellence to the new venture.
Expertise in Hospitality Management
Maison Privee’s expertise will be instrumental in shaping the operational framework of the new company. The firm specializes in:
- Luxury Accommodations: Offering high-end furnished units that cater to discerning travelers.
- Comprehensive Guest Services: Providing a full suite of hospitality services, including catering and wellness options.
- Technology-Driven Solutions: Utilizing advanced technology to streamline operations and enhance guest experiences.
Initial Focus on Al-Alya Project
The joint venture will initially concentrate on KEC’s flagship Al-Alya project, which features a mix of residential apartments and luxury mansions. This development is strategically located to attract both leisure and business travelers, making it an ideal starting point for the new rental company.
Features of the Al-Alya Project
- Diverse Accommodation Options: The project includes 1,420 apartments and 70 mansions, catering to a wide range of guest preferences.
- Proximity to Key Attractions: Located near significant religious and cultural sites, the Al-Alya project is poised to draw a substantial number of visitors.
- Integrated Services: The project will benefit from the joint venture’s hospitality services, ensuring a seamless experience for guests.
Market Potential in Madinah
Madinah is a city of immense cultural and religious significance, attracting millions of visitors each year. The demand for quality accommodations, particularly during peak seasons, presents a lucrative opportunity for the new venture.
Visitor Demographics
The primary demographics of visitors to Madinah include:
- Pilgrims: Individuals traveling for religious purposes, particularly during Hajj and Umrah.
- Tourists: Visitors interested in exploring the city’s rich history and culture.
- Business Travelers: Professionals attending conferences and events in the region.
Benefits for Property Investors
The joint venture offers significant advantages for property investors looking to maximize their returns in the competitive rental market. Investors will have the opportunity to choose between short-term and long-term rental strategies, allowing them to adapt to market conditions and optimize their income.
With Maison Privee’s expertise, property owners can expect:
- Professional Management: Comprehensive management services that ensure properties are well-maintained and marketed effectively.
- Increased Visibility: Access to a broader audience through Maison Privee’s established marketing channels.
Redefining Hospitality in Madinah
The joint venture between Knowledge Economic City and Maison Privee marks a transformative step in the hospitality landscape of Madinah.
By combining KEC’s strategic vision with Maison Privee’s operational expertise, the new company is poised to redefine the short-term rental experience for visitors and pilgrims alike.
More Hospitality Projects in Madinah
Hilton Three New Hotels in Madinah
Hilton has partnered with Al Gharaa International to open 3 New Hotels in the Blessed City of Madinah.
Due to be located in KEC’s Islamic World District, these hotels include Hilton Garden Inn, Hampton by Hilton, and the first Home2 Suites by Hilton in the Middle East and Africa.
They are due to offer a total of 1,415 rooms with modern luxury facilities for guests.
These hotels aim to support Saudi Vision 2030 and enhance Madinah’s status as a global religious tourism hub.
Marriott’s Three New Hotels in Madinah
Marriott International has teamed up with Knowledge Economic City to introduce 3 New Hotels in the holy city of Madinah.
The hotels in KEC’s Islamic World District include Courtyard by Marriott, Four Points by Sheraton, and Residence Inn by Marriott. Together, they will provide over 1,200 rooms equipped with modern, upscale amenities.
These additions are set to enhance Madinah’s hospitality and cultural appeal while benefiting from the connectivity of the Haramain High-Speed Railway, Insha’Allah.
KEC’s 5 Hotel Management Contracts
Madinah’s Knowledge Economic City (KEC) has finalized 5 Hotel Management Contracts for its much-anticipated Islamic World District project, with contracts ranging from 10 to 20 years.
The agreements include renowned brands such as Hilton, Marriott, InterContinental, and Radisson, overseeing more than 5,000 rooms across multiple hotels at the location.
The site is set to be just a few kilometers from the blessed Al Masjid An Nabawi, Insha’Allah. These hotels will be part of the initial phase of development in the southern section of Madinah’s Knowledge Economic City.
Madinah’s First Waldorf Astoria
Madinah is set to welcome its first Waldorf Astoria Hotel by 2028, InshaAllah, thanks to a partnership between Taiba Investments and Hilton Hotels.
Located close to Al Masjid An Nabawi, the upscale hotel will offer more than 300 luxurious rooms and suites, three signature dining options, a private club lounge, and a fitness center.
This collaboration seeks to boost the Kingdom’s tourism and hospitality sector for Hajj and Umrah pilgrims, in line with Saudi Vision 2030’s goal of attracting 150 million tourists each year.
As Safiyyah Museum & Park
Prince Salman bin Sultan, the Governor of Madinah, has officially opened the new As Safiyyah Museum & Park in the holy city of Madinah, near Al Masjid An Nabawi.
Covering an area of over 4,400 square meters, the As Safiyyah Museum & Park features a creation story exhibit, offering a glimpse into the universe’s origins through audiovisual technology, along with the stories of the Prophets.
It is situated close to the five-star Pullman Zamzam Madina hotel.
This initiative seeks to enrich the cultural journey of Hajj and Umrah pilgrims, in line with Saudi Vision 2030’s efforts to enhance Madinah’s heritage and revive Islamic historical sites in Saudi Arabia.
Rua Al Madinah
The Rua Al Madinah project, launched by Crown Prince Mohammed bin Salman in August 2022, spans 1.5 million square meters, with 63 percent dedicated to open and green spaces, the project will offer 47,000 hotel rooms.
Upon completion, this project is expected to contribute $37.3 million (SAR140 million) to the Kingdom’s gross domestic product.
Moreover, it is expected to create 93,000 direct and indirect job opportunities, allowing recruitment throughout the construction and development phase until 2030.
From luxury accommodations to world-class restaurants and entertainment options, the Rua Al Madinah project aims to redefine hospitality standards, marking a benchmark for excellence in the industry.
Islamic Civilization Village
The Rua Al Madinah Holding company in Saudi Arabia has introduced a new project called the Islamic Civilization Village Project. This initiative aims to enrich the experience of pilgrims in the Holy City of Madinah.
Spanning over an area of 257,000 square meters, the project will be situated near Al Masjid An Nabawi and will consist of eight distinct zones that will showcase the rich history of Islam from various time periods.
Seven’s Entertainment Destination
Saudi Entertainment Ventures Seven has revealed its plans to build a 1.3 Billion Riyal entertainment destination in Al Madinah. This new destination will be a hub of fun, excitement, and top-notch attractions, aiming to enhance the lives of the city’s inhabitants.
The project is due to cover an area of over 100,000 square meters, with a built-up area of 84,000 square meters. The park will feature beautiful paths seamlessly blending with the planned open paths and gardens in the destination.
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