Greenberg Traurig Facilitates Major Hotel Development in Saudi Arabia Worth SAR 2.4B

Greenberg Traurig, a prominent global law firm, has successfully represented Taiba Investments Co. in a landmark joint venture with Osool Integrated Real Estate Co. This strategic partnership aims to develop three hotels in the heart of Madinah, Saudi Arabia, with a total investment value of approximately SAR 2.4 billion (around USD 633.4 million).

The joint venture will form a special purpose company responsible for the ownership and management of these hotels, which will add a total of 1,500 new rooms to the hospitality market in Madinah. These accommodations will cater to both local and international hotel brands, enhancing the offerings available to tourists and pilgrims visiting this significant religious site.

A Growing Hospitality Market

This initiative coincides with a surge in the hospitality sector in Madinah. Recent data from the Ministry of Tourism indicates that Madinah achieved the highest hotel occupancy rate in Saudi Arabia during the first quarter of 2026, hovering around an impressive 82%. Moreover, it topped the charts for hotel occupancy across the Kingdom throughout 2025, showcasing its potential as a vital destination for tourism.

Taiba, a publicly listed joint-stock company on the Saudi Stock Exchange (Tadawul), is a significant player in the real estate market. With its headquarters in Madinah, the company has carved out a notable reputation for managing an extensive portfolio of investments, focusing particularly on commercial and hotel developments in prime locations throughout the Kingdom.

Osool, on the other hand, is recognized for its integrated property management approach, emphasizing sustainable investment and asset management. The company's goal is to partner with top developers and operators, ultimately delivering long-term value in the real estate sector.

The Role of Greenberg Traurig

The deal was facilitated by a team from Greenberg Traurig's Dubai and Riyadh offices, showcasing its growing footprint in the Middle East. The legal team's efforts were led by Elias J. Hayek, a shareholder and co-chair of the firm's Middle East and European Hospitality Group. They were supported by Marwa Al-Siyabi and Khalid Al-Thebity from Riyadh and Mitch Reynolds from the Singapore office.

Rami Bissat, vice president of investment business development at Taiba, praised Greenberg Traurig for its valuable legal guidance and professionalism throughout this significant transaction. He indicated that the collaboration exemplified the firm’s commitment to excellence and its understanding of the intricacies involved in large-scale real estate deals.

Greenberg Traurig's Expansion in the Middle East

Greenberg Traurig made its debut in the Middle East in 2023, initially opening offices in Riyadh and Dubai. Since then, the firm’s presence has expanded, establishing an office in Abu Dhabi by 2025. This growth is a result of the firm’s focus on some of the most dynamic industries in the region, such as real estate, infrastructure, and tourism. The law firm aims to provide comprehensive legal services across various sectors, including finance, mergers and acquisitions, private equity, entertainment, and more.

The firm has managed to position itself as a critical stakeholder in the region’s evolving market, often said to be aligning with Saudi Arabia's Vision 2030 initiative, which seeks to diversify the economy and bolster the tourism and hospitality sectors.

Prominent among the services provided by Greenberg Traurig is its readiness to cater to the needs of various sectors, ensuring clients receive top-notch service in navigating complex regulatory and transactional landscapes.

Conclusion

As the hospitality sector continues to flourish in Madinah and beyond, the role of strategic legal partnerships, as exemplified by Greenberg Traurig’s involvement, cannot be overstated. The joint venture between Taiba and Osool marks a significant step forward, contributing to the Kingdom's vision of becoming a premier destination for both religious and global tourists.