RIYADH: Public Investment Fund-backed Taiba Investments Co. has finalized an agreement worth SR2.4 billion ($633.4 million) to develop three hotels in central Madinah.
The deal will see the firm create a special purpose company with Osool Integrated Real Estate Co., and Taiba will contribute SR300 million to the project.
The hotels, owned by Osool Integrated Real Estate Co., will provide 1,500 new rooms and will be operated by local and international hotel brands.
The initiative is being launched amid strong growth in Madinah’s hospitality market as Saudi Arabia expands tourism and religious hospitality infrastructure under Vision 2030.
Official data from the Ministry of Tourism showed Madinah recorded the Kingdom’s highest hotel occupancy rate during the first quarter of 2026 at around 82 percent, and it also ranked first among Saudi cities in hotel occupancy during 2025.
