Venture Group wins
Jeddah resort rights
Investment in the project totals $9 million
Venture Group, a hospitality concept development company owned by Marwan Ayoub and Rabih Saba, has secured a deal to develop and manage the Belajio Resort in Jeddah.
The deal was awarded by Al Diri’i Group, a Saudi company owned by Ousama Al Ghazaoui.
Investment in the project is estimated at $9 million and the value of Venture’s Group ten-year contract is $1.2 million.
Venture Group will re-conceptualize, redesign, build, and lease and operate Belajio, according to Rabih Saba, Managing Partner at Venture Group.
The new entertainment hub will open in mid-2021. It will include 30 food and beverage outlets of both existing Lebanese concepts franchisers in Saudi Arabia and new concepts from Lebanon.
The project will also include kids’ playgrounds, a family entertainment center, outdoor cinemas, and a lake.
The land area of the project is 20,000m2 and that of the lake 72,000 m2.
The project will provide around 600 job opportunities. “Lebanese will have a big share of these jobs,” said Saba.
This deal is part of Venture Group’s expansion plan to Saudi Arabia.
Venture Group is the company behind the development of ‘The Backyard Hazmieh’ and ‘The Village Dbayeh’.
Reported by Gisele Khalaf
Date Posted: Mar 06, 2020