Agreement with Zawaya Properties Company for a 240-apartment upscale development marks The Residences by Rotana’s first entry into the Kingdom, as Saudi Arabia’s branded residences sector attracts USD 3.4 billion in foreign private capital
Riyadh – Rotana, one of the leading hotel management companies in the Middle East, Africa, Eastern Europe and Türkiye, has signed an agreement with Zawaya Properties Company, a Saudi real estate developer with more than a decade of experience delivering commercial, residential and mixed-use projects across the Kingdom, to develop The Residences by Rotana at Thakher, a SAR 26 billion mixed-use destination located 1.5 kilometres from the Grand Mosque in Makkah.
The signing marks The Residences by Rotana’s first entry into Saudi Arabia and Rotana’s debut in the Kingdom’s branded residences segment, extending the group’s Saudi Arabia portfolio in operation and under development to 24 properties across five brands.
Saudi Arabia’s branded residences segment is one of the fastest-growing real estate categories in the region, driven by rising domestic wealth and growing international demand. According to Knight Frank’s Destination Saudi 2026 report, USD 3.4 billion in private global capital is ready to be deployed into the sector, with investor interest particularly concentrated in Makkah and Madinah.
Makram El Zyr, Corporate Vice President, Development, Rotana, said: “Branded residences and serviced apartments are amongst the most compelling growth segments in Saudi Arabia right now, and this signing reflects our conviction in both. The Residences by Rotana at Thakher is a landmark first for us in the Kingdom, and Makkah is exactly the kind of high-demand, high-significance environment where we see a great long-term opportunity. Alongside it, we see strong and growing potential for Arjaan Hotel Apartments by Rotana in Saudi Arabia, as demand for flexible, quality, long-stay hospitality continues to deepen across the market.”
The agreement was signed at Zawaya Properties offices in Riyadh, on 7 July 2026, by Makram El Zyr, Corporate Vice President, Development, Rotana, and Khaled Qurashi, Head of Advisory & Investments, Zawaya Properties Company, in the presence of Zawaya Properties CEO, Mohamad Al Thagafi.
The upscale development will comprise 240 fully serviced hotel apartments within Thakher, bringing The Residences by Rotana’s hallmark blend of residential comfort and hotel-standard service to one of the most visited and highest-demand destinations in the world.
Designed for long-stay residents, business visitors, pilgrims and year-round travellers, the property responds to demand in the Holy City for quality branded hospitality beyond a standard hotel stay.
Mohamad Al Thagafi, Chief Executive Officer, Zawaya Properties Company, said: “At Zawaya Properties, we have always been driven by a belief that great real estate should be both beautiful in form and valuable in function, and this partnership with Rotana brings exactly that philosophy to Thakher. We chose Rotana for their regional expertise, their brand strength and their deep understanding of what guests and residents in this market expect. Together, we look forward to delivering a branded residences experience that sets a new standard for the segment in Makkah and reflects the full ambition of the Thakher development.”
Makkah sits at the heart of Saudi Arabia’s hospitality growth story. As part of Vision 2030, the Kingdom is targeting 30 million Umrah performers and 6 million Hajj pilgrims annually by 2030, with the government committing to deliver 250,000 additional hotel rooms across the Holy Cities to meet that demand. Thakher is a central part of that ambition: the SAR 26 billion development spans 320,000 sq m one kilometre from the Grand Mosque, designed to accommodate more than 1.6 million visitors and pilgrims on completion, and has already recorded full occupancy during the Hajj season for two consecutive years.
The signing adds to a Saudi Arabia portfolio that already spans 13 operating properties across Riyadh, Jeddah, Madinah, Makkah, Dammam, Al Khobar and Jubail, with a confirmed pipeline of 10 further properties representing 1,314 keys across Riyadh, Jeddah, Hail, Abha and Al Baha. With The Residences by Rotana now entering the Kingdom for the first time, Rotana’s Saudi Arabia portfolio in operation and under development reaches 24 properties across five brands, reflecting the full breadth of the group’s long-term commitment to a market that continues to grow in both scale and strategic importance.
Saudi Arabia is Rotana’s fastest growing market and its most active development market outside the UAE. As new brands, destinations and partnerships continue to take shape across the Kingdom, Rotana remains guided by its enduring promise of “Treasured Time.”
