UAE: The Ascott Limited has unveiled ambitious expansion plans to grow its portfolio in the MENA region.
Aligning with its target of 10,000 units by 2025, Ascott will introduce more than 5,500 new units with a focus on the UAE and Saudi Arabia.
“With the burgeoning demand for serviced residences in the region, we have implemented a strategic phased expansion with new Ascott brand introductions that cater to dynamic market preferences across the luxury and lifestyle segments,” said Vincent Miccolis, managing director of Middle East, Africa, India and Türkiye at The Ascott Limited.
Ascott’s strategic expansion in Saudi Arabia aligns with Saudi Vision 2030 to diversify the economy and transform travel, it said in a statement on Wednesday. In Q4 2024, Ascott will add 90 premium villas at Ascott Villas Riyadh.
The company will also debut living concepts under brands such as lyf, The Crest Collection, The Unlimited Collection, Oakwood, and Oakwood Premiere to cater to diverse travel preferences.
It also plans to enter new source markets including Kuwait and Egypt, while growing in existing markets like Oman and Bahrain. Ascott also said it is targeting 1,000 units across strategic hubs in Africa, including Morocco and Kenya, as well as Turkey’s Izmir and Bodrum regions.
“Ascott will expand its offerings beyond serviced apartments, to hotels, coliving spaces, and more,” said Miccolis. “With flexibility embedded into all Ascott properties, we are poised to cement our leading position in the region to offer unique and luxurious accommodations that meet the evolving needs of the modern traveller.”
