Riyadh, 15 February 2024: GIB Capital and Design & Build Co. have agreed on the development of a 109,000 sqm desert resort in Al Uyaynah area, northwest of Riyadh, via the offering a Private Real Estate Fund. The fund is dedicated to developing an environmentally friendly wellness resort, adjacent to the upcoming Al Murabba Iconic Square, near Al Jubaylah District on King Abdul Aziz Road, approximately 40 km from Riyadh city centre.
Due to open in 2025, the Baseqat by Accor resort will be managed by the world-leading Accor hospitality group and consists of a heritage hotel with 85 suites, 68 distinct architectural style chalets, and a desert camp that includes 20 tents. Additionally, there will be an eco-resort comprising 15 hotel cottages, with a central events hall located in the middle of the resort.
The Baseqat by Accor resort will be a destination that harmoniously combines contemporary lifestyle and leisure with traditional activities. It encompasses hospitality, food and beverage, retail, spa, sports, and entertainment components.
Commenting on the announcement, Eng. Abdulelah Al-Mohanna, founder of Design & Build Co., said, “Baseqat by Accor embodies our dream, guided by the principle of ‘human before place’, to fill a market gap with a destination that educates and entertains family members of all ages, in an eco-friendly environment inspired by our proud heritage. Baseqat is not just a place, but an experience that nourishes the soul and mind.”
Osamah Mohammed Shaker, CEO of GIB Capital, said, “We are honoured to establish this real estate fund in partnership with Design & Build Co., in line with our goals to develop smart and futuristic investment solutions for our clients. GIB Capital is committed to creating innovative opportunities that contribute to the growth and development of our communities, and boosting the Kingdom’s tourism and hospitality offering aligned with Saudi Arabia’s Vision 2030 objectives.”
Design & Build Co. is a real estate development company focused on high-end projects in Saudi Arabia and the MENA region with an aim to be an industry leader in creating bespoke developments.
GIB Capital has a strong presence in the Saudi market and offers a comprehensive range of innovative and customised financial and investment banking products and solutions including asset management, equity capital markets advisory, mergers and acquisitions, debt capital markets, debt advisory, and brokerage services.
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