Ascott to manage RAFAL projects in Riyadh

George Sell George Sell Uploaded 17 April 2017

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KSA: Saudi developer RAFAL has appointed Ascott to operate its RAFAL Olaya Riyadh and RAFAL Residence developments.

An inauguration ceremony was attended by RAFAL CEO Abdul Rahman Bajunaid, and RAFAL Residence partners Vincent Miccolis, country general manager GCC and Turkey for Ascott; Faisal Yabroudi, regional head, Dubai Contracting Company (DCC) and Mansour Al Saaghayer, corporate banking head, Saudi British Bank (SABB).

Abdulrahman Bajunaid, CEO of RAFAL Real Estate Development Company, said: "RAFAL is witnessing today a new addition, RAFAL Residence, serviced by Ascott which is introducing a unique branded residential community for the first time in Riyadh. Despite the current challenges, we were able with support of our partners, to successfully launch this project within the specified timeframe. RAFAL will continue its real estate development journey in Saudi Arabia, by announcing new projects, that will further enhance its real estate mark in the Kingdom."

"The Ascott Limited is honoured to embark on this partnership with the esteemed RAFAL Real estate development company, we hope this to be our first of many fruitful projects together," said Miccolis. "Our first Serviced Residence to open in the Kingdom of Saudi Arabia is a major milestone for Ascott, it gives me great pleasure to announce that Ascott Rafal Olaya Riyadh is now our flagship property in the Middle East."

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