Osool Integrated Real Estate announced the signing of a Memorandum of Understanding (MoU) with Taiba to launch “Project Light” to renovate three hotels located on the northern side of the central zone of Madinah, with a total of 1,500 keys. The project seeks to transform these hotels into world-class hospitality destinations inspired by Madinah’s architectural character and deep Islamic heritage.
Under the MoU, both parties will establish a specialized company to develop and operate the three hotels through a startegic partnership agreement, delivering distinctive hospitality experiences supported by world-class services and facilities that meet expectations of pilgrims, Umrah performers, and visitors from around the world.
The project also seeks to contribute to the development and advancement of the hospitality sector in Madinah, enhance the quality of services provided to the guests of Allah, in addition to supporting tourism and economic activities in the region, and providing a unique cultural and spiritual stay experience for pilgrims, Umrah performers, visitors, tourists, and business travellers.
Mr. Feras Albanyan, CEO of Osool Integrated Real Estate, stated: “The Project Light marks a significant milestone in Osool’s journey to solidify its role as an integrated investor and operator of real estate assets, and as a key driver of urban redevelopment initiatives in strategic locations across the Kingdom. Our partnership with Taiba represents a natural alignment between our capabilities in managing complex portfolios and Taiba’s deep expertise in Madinah’s hospitality market, enabling us to present a development model that supports the goals of Saudi Vision 2030”.
For his part, Mr. Sultan bin Badr Al-Otaibi, CEO of Taiba, said: “The signing of this memorandum with Osool Real Estate aligns with Taiba’s strategy to expand in the hospitality sector and support tourism growth in line with Saudi Vision 2030”.
Al-Otaibi explained that the “Project Light” will strengthen Taiba’s hospitality asset portfolio through a long-term institutional investment designed to create an integrated urban experience that enhances the quality of services offered to pilgrims and visitors and reinforces Madinah’s appeal as a global destination for hospitality and religious tourism.
The MoU establishes a framework for both parties to study the project and evaluate its investment and operational feasibility, in preparation for completing the necessary final agreements and structuring the appropriate investment mechanism before launching the actual implementation phases. Coordination with the relevant authorities in Madinah will continue to ensure alignment with existing urban and regulatory plans.
The project is expected to support the local economy by creating direct and indirect job opportunities for the region’s residents and by enabling local businesses, especially small and medium enterprises, to benefit from supply and service opportunities related to development and operations.
The signing of the MoU between Osool and Taiba underscores the commitment of both parties to developing high-value investment opportunities in Madinah and strengthening the role of the Saudi real estate sector as a key driver of economic growth, diversification, and long-term institutional investment.
Both Osool and Taiba continue to integrate ESG and sustainability principles into their investment and operational processes by adopting smart and green building solutions and improving resource efficiency, in support of the Kingdom’s climate targets and to enhance quality of life in the communities they serve.
