Ascott sets Middle East target of 5,000 units by 2020

George Sell George Sell Uploaded 07 April 2016


KSA: Ascott has announced the signing of two Saudi Arabian properties and set itself a target of 5,000 units in the region by 2020.

The Ascott Limited has signed contracts to manage its first two serviced residences in Al Khobar, in Saudi Arabia's oil-rich Eastern Province. The 172-unit Ascott Corniche Al Khobar and 133-unit Somerset Downtown Al Khobar are scheduled to open in 2018 and 2019 respectively. These latest contracts will increase Ascott's presence in the Middle East to more than 2,300 apartment units across 16 properties in nine cities in Bahrain, Oman, Qatar, Saudi Arabia, Turkey and the UAE.
Lee Chee Koon, Ascott's CEO, said: "Ascott started in the Middle East in 2006 with only 84 apartment units at a property in Dubai. Today, we have more than 2,300 units across 16 properties in the region. In addition to these two new properties in Al Khobar, Ascott will open seven more properties over the next three years, in Dubai in UAE, Istanbul in Turkey, Jeddah and Riyadh in Saudi Arabia, and Muscat and Sohar in Oman. As we continue to see strong demand fuelled by the growth in domestic and regional business as well as leisure travellers, Ascott targets to more than double up our scale to achieve 5,000 serviced residence units in the Middle East by 2020."
Tony Soh, Ascott's chief corporate officer who oversees the company's business in the Middle East, said: "Ascott is one of the first international serviced residence operators to set foot on Al Khobar with our world-class Ascott and Somerset brand of serviced residences. Al Khobar is our 101th city globally as we continue to bring our serviced residences to more cities around the world. Demand for quality serviced apartments has been on the rise driven by corporates such as Saudi Aramco, Sumitomo and Al Rashid, which are based in the Eastern Province of Saudi Arabia, where Al Khobar is located. In addition, Al Khobar is near the Jubail Industrial City, one of the largest industrial estates in the world, housing companies such as Total, Dow Chemical, ArcelorMittal and Chevron. Moreover, Al Khobar is Saudi Arabia's most popular leisure holiday destination. Its convenient connectivity via the King Fahd Causeway Bridge to Bahrain where more entertainment options are available makes it even more attractive for local and foreign visitors."


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