Saudi Arabia’s First Co-Living Hybrid Hotel Chain Eyes $500mn Portfolio
Saudi Arabia’s Arbah Capital, which is licensed by the kingdom’s Capital Market Authority (CMA), and UAE-based Strategic Housing Group (SHG) have created a joint venture to develop and roll out the region’s first integrated co-living hybrid hotel chain called Innov8. The model offers flexibility for short-term visitors and longer-term residents with various choices of lease options and services offered. In addition, the properties offer well-equipped private rooms and studios, as well as shared facilities such as eateries, common kitchen lounges, self-service and serviced laundry facilities, co-working, social and entertainment spaces, interactive fitness amenities, minimarts and more. Innov8 aims to expand regionally and internationally, in the vicinity of working districts, including technology hubs, financial and commercial centres, medical precincts, airports, and industrial zones. The first properties in the pipeline are in the Gulf cities of Dubai and Riyadh, the firms said in a statement, adding that the joint venture is aiming for a $500 million portfolio. The fusion residences are carefully curated to suit the futuristic and innovative ways of living, hosting upcoming generations. The “Gen Z” population is digitally native and highly loyalty driven, considering technology very important, the firms said in a statement. ‘Innov8’ will be the launchpad for starting their professional journey with the ideal living environment. The launch of the chain is aligned with regional government initiatives, particularly in the UAE and KSA, which drive nationalisation employment agendas and address rising youth challenges. Arbah’s principal activities include asset management, real estate investment, private equity, corporate finance, wealth management, brokerage, custody, and advisory services. The firm delivers investment solutions to a broad range of investors including institutions, high net worth individuals, and family offices. Real estate is one of Arbah Capital’s core areas of expertise. The firm understands that the real estate market presents an extremely desirable investment sector for their clients. The targeted sectors in real estate are social infrastructure, residential, and technology across the GCC, UK, and the US.
“I am pleased to work together on this first of its kind real estate development with the experts of the region,” said Mahmood Yousif Al-Kooheji, the CEO of Arbah Capital, while visiting the SHG head office at the Dubai International Financial Centre. SHG is a specialised housing expert, developer, and operator of The Myriad brand, the first fully integrated student co-living communities of the Middle East region. The firm is in a joint venture with Asset Living, the United States’ largest third-party manager of student housing with over 160,000 beds under their management and 40 years of experience in the industry. SHG has developed and is currently operating properties in the UAE, Oman, and South Africa. The firm’s mission is to provide safe, fulfilling and modern living communities, that truly embody a world class lifestyle and represent a fresh experience of living that is based on in-depth research and analysis of today’s housing expectations. “We are honoured to start this project in today’s fast paced market with the specialists of the region, especially when it comes to real estate development and technology driven product roll-out,” said Vik Rao, the CEO of SHG, while entering the long-established partnership with Arbah Capital.
Tags : Saudi Arabia Co-Living Hybrid Hotel Chain $500mn Portfolio Mahmood Yousif Al-Kooheji the CEO of Arbah Capital Vik Rao the CEO of SHG Capital Market Authority (CMA) The Myriad brand