Retal Urban Development Co. signed a strategic agreement with Marriott International - the world's largest hotel operator - to launch the Ritz-Carlton Hotel and develop a luxurious waterfront along the coast of the Arabian Gulf in Al-Khobar.
The signing of the agreement came during the Cityscape Global exhibition held in Riyadh.
The Ritz-Carlton Hotel in Al-Khobar will be built on an area spanning 99,920 square meters, and feature luxurious spaces designed with urban and modern architecture that combines both elegance and luxury, the company said, in a statement.
It added that the project, expected to open in 2027, will comprise an integrated entertainment and hospitality destination with world-class hotels, restaurants, and events.
Retal has a diverse real estate portfolio comprising more than 45 projects across the Kingdom, including residential projects such as integrated compounds, commercial projects that include shopping malls and business complexes, and hotel projects that include international hotels.