Greenberg Traurig Represents Taiba on SAR 2.4B/US$633.4M Joint Venture with Osool for Development of 3 Hotels in Kingdom of Saudi Arabia

DUBAI, United Arab Emirates - May 20, 2026 - A team from global law firm Greenberg Traurig represented Taiba Investments Co. (Taiba) on a SAR 2.4 billion/US$633.4 million joint venture agreement with Osool Integrated Real Estate Co. (Osool) for the ownership and development of three hotels in central Madinah, Kingdom of Saudi Arabia (the Kingdom).

As part of the deal, a jointly owned special purpose company will be created and will provide 1,500 new rooms that will be operated by local and international hotel brands.

The initiative is being launched amid strong growth in Madinah's hospitality market as the Kingdom expands tourism and religious hospitality infrastructure under Vision 2030. Official data from the Ministry of Tourism showed Madinah recorded the Kingdom's highest hotel occupancy rate during the first quarter of 2026, at around 82%, and it also ranked first among Saudi cities in hotel occupancy during 2025.

Taiba is a public joint-stock company listed on the Saudi Stock Exchange (Tadawul). Headquartered in Madinah, the company manages a portfolio of diversified investments and has become one of the largest real estate developers in Saudi Arabia, known for its commercial and hotel projects in prime positions in Central Madinah and throughout Saudi Arabia.

Osool is an integrated property management company focused on real estate investment and asset management, offering advanced and sustainable solutions that deliver long-term returns in partnership with top developers and operators.

The team from Greenberg Traurig's Dubai and Riyadh offices was led by Real Estate and Hospitality Shareholder and Co-Chair of the firm's Middle East and European Hospitality Group Elias J. Hayek, and supported by Deputy Managing Shareholder for Riyadh Marwa Al-Siyabi from Greenberg Traurig Khalid Al-Thebity, and Of Counsel Mitch Reynolds in the Singapore office.

"Greenberg Traurig provided valuable legal expertise and demonstrated a high level of professionalism throughout this transaction," said Rami Bissat, vice president, investment & business development, Taiba.

Greenberg Traurig launched in the Middle East in 2023 with offices in Riyadh and Dubai. Since then, the firm has been growing steadily in the region, adding an office in Abu Dhabi in 2025 and planting key roots in the industries and business sectors most active in the Middle East, including

real estate, infrastructure and transportation, energy and natural resources, hospitality, finance and restructuring, mergers and acquisitions, private equity, private credit, sports and entertainment - including venue, talent, entertainment, licensing, and other needs - capital markets, and arbitrations and disputes.

Greenberg Traurig's Dubai office is operated by Greenberg Traurig Limited. Greenberg Traurig's Riyadh office is operated by Greenberg Traurig through Greenberg Traurig Khalid Al-Thebity.