RIYADH: Real estate company Blacksand and Marriott International signed a SR5 billion ($1.33 billion) agreement to develop 10 hotels in Saudi Arabia at the Future Hospitality Summit in Riyadh.
The deal will see the creation of almost 11,000 jobs covering the construction and operation of the facilities, which will provide 1,300 rooms in the next four years.
The companies aim to generate over 6,000 full-time roles, with 60 percent of those dedicated to Saudi nationals.
Speaking to Arab News after the agreement was inked, Blacksand CEO Omar Alabdullatif said the first development, called The Business Address, is set to open next year, while Town Center is earmarked for 2028.
Alabdullatif said the 10 hotels announced under the agreement represent around SR5 billion in investment, with Blacksand already involved in a SR40 billion pipeline of projects across Saudi Arabia.
