The Ascott has entered Saudi Arabia by securing a management contract for its first premier serviced residence in Riyadh.

The 230-unit Ascott Olaya Riyadh is slated to open near the King Abdullah Financial District in 2015.

The management contract was awarded by Rafal Real Estate Development, the leading real estate development company in Saudi Arabia.

The addition of Ascott Olaya Riyadh will increase Ascott’s portfolio in the Gulf Cooperation Council to almost 1,300 serviced apartment units across seven properties in Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Ascott chief executive Chong Kee Hiong said: “Ascott has steadily grown from Singapore to over 70 cities worldwide and our entry into Saudi Arabia marks yet another milestone for us.

“Saudi Arabia offers strong opportunities for serviced residences.

“It is the biggest economy in the Middle East and its gross domestic product is forecast to grow by about five per cent per annum over the next few years.

“Saudi Arabia has the largest banking sector in the Middle East and is home to the 11th largest stock exchange in the world.

“The country has been attracting huge volumes of foreign direct investments as its economy continues to diversify and grow.

“Ascott’s expansion in the GCC with Ascott Olaya Riyadh will enable us to cater to the rising number of expatriates and travellers to the region.”

Ascott Olaya Riyadh is just five minutes from the highly anticipated King Abdullah Financial District.

Touted as the new financial centre of Riyadh, the district will be home to the GCC Central Bank headquarters, the Capital Market Authority and the Saudi stock bourse, Tadawul.

The King Abdullah Financial District will also be a hub for financial and legal institutions, accounting and consultancy firms and other business service providers.

Ascott Olaya Riyadh provides easy access to a wide variety of restaurants, shops and other conveniences nearby.

Guests can choose from a mix of studio, one or two-bedroom apartments to suit their lifestyle needs.

Each elegantly-designed apartment will come with a fully-equipped kitchen, separate work and sleeping areas as well as a host of other modern amenities.

Business travellers can make use of the serviced residence’s meeting rooms, business centre and other business support services.