Mövenpick Hotels & Resorts has announced that it has entered into a management agreement with Karan
Gulf Services, for a new hotel within Saudi Arabia's Wa'ad Al Shamal industrial city. The 237-room hotel is
planned as the largest hotel project within Wa'ad Al Shamal City, as well as the entire northern region of the
Kingdom of Saudi Arabia. The city itself, located about 30 kilometres from Turaif is being developed by Saudi
Arabian Mining Company (Ma'aden) and covers 450 square kilometres in Saudi Arabia's Northern Frontier. It
will host approximately 100,000 residents. The city will tap into the region's significant phosphate reserves
and will support and provide extensive opportunities to many upstream and downstream industries, which
have already been anchored by major global players including Saudi Aramco, SABIC and SCECO. These
companies will provide the infrastructure necessary to initiate the project and stimulate further activities
relating to phosphate mining. The mineral industry is set to become the third pillar of the Kingdom's
economy after oil and petrochemical, in line with the country's Vision 2030.Set to open in the second half of
2018, Mövenpick Hotel Wa'ad Al Shamal, whilst primarily targeting the corporate market, will also provide a
resort feel. The property will offer three food and beverage outlets, extensive meeting and event space, male
and female wellness areas as well as recreation facilities, designed to serve hotel guests, the community of
Wa'ad Al Shamal and the northern region."We are proud to have been selected as the hotel operator for this
fantastic project in the region" said Andreas Mattmüller, Chief Operating Officer, Mövenpick Hotels & Resorts,
Middle East and South Asia. "We firmly support the government's vision of economic diversification.
Considering the current lack of upscale accommodation, we see the development of this hotel as strategically
important to the continued growth of the city. Furthermore, Mövenpick Hotels & Resorts will be the first
international upscale hotel in the northern region of Saudi Arabia and this new signing will consolidate our
position as one of the strongest international hotel brands in the country and the Middle East."Abdulrahman
bin Fahad bin Abdul Latif al Jabr, Managing Director of Karan Gulf Services stated, "We are extremely happy to
be partnering with Mövenpick Hotels & Resorts, in our quest to develop the northern region of the country
and support the local communities. Together, we will provide approximately 100 employment opportunities to
male and female Saudi Arabian nationals living close to the project. The development of this hotel will have
much a wider and far-reaching positive economic impact in the northern region, and will act as a platform
upon which other businesses can grow. We are also extremely grateful to Ma'aden for giving us the
opportunity to develop this project in a city that is destined to change the economic profile of the entire
country." Mövenpick Hotels & Resorts already operates 11 hotels in the Kingdom of Saudi Arabia. Five more
projects in the country will be launched in the next three years. They are Mövenpick Residences Al Khobar,
Mövenpick Hotel & Apartments Al Tahlia Jeddah, Mövenpick Hotel Financial District Riyadh, Mövenpick Hotel
Heraa Jeddah and Mövenpick Hotel Wa'ad Al Shamal.