Kingdom Holding Company (KHC), a leading Saudi-based investment firm, said it has signed a deal to manage Fairmont Riyadh, Business Gate, a new 287-room luxury hotel in Riyadh which is set to open in late 2012.

Located just north of the Saudi city, Fairmont Riyadh, Business Gate will be part of a new mixed-use development project comprising the hotel, a 4,000 sq m convention centre and a commercial real estate space that will house multinational corporations as well as regional companies.

KHC, which holds a 35 per cent stake in Fairmont Raffles Holdings International (FRHI), said this is the second Fairmont project in Saudi Arabia. The first is the Makkah Clock Royal Tower, a Fairmont Hotel.

'Our Saudi real estate and hotel projects are solid anchors for Kingdom Holding’s profitability,” said chairman Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, at the signing ceremony.-TradeAraba News Service