Officials from Arbah Capital and SHG during signing ceremony.
Saudi Arabia-based first Islamic investment firm Arbah Capital and UAE’s real estate investment and development firm Strategic Housing Group (SHG) have created a joint venture to set up the integrated co-living hybrid hotel chain, ‘Innov8’.
According to the statement, the first properties in the pipeline are in the Gulf cities of Dubai and Riyadh. The joint venture is aiming for a half-billion-dollar portfolio.
“The brand will be expanding regionally and internationally, in dynamic cities, in the vicinity of working districts, whether technology hubs, financial and commercial centers, medical precincts, airports, or industrial zones,” the company said.
Further, the company noted that these fusion residences are carefully curated to suit the futuristic and innovative ways of living, hosting the upcoming generations.
The “Gen Z” population is digitally native and highly loyalty-driven, considering technology very important. ‘Innov8’ will be the launchpad for starting their professional journey with the ideal living environment.
As per the statement, “The launch of this chain is aligned with regional government initiatives, particularly in the UAE and KSA, where they address rising youth challenges and drive nationalization employment agendas. While the government creates job opportunities, ‘Innov8’ establishes the perfect living conditions for the new generations to find success.”
This model offers a wide variety of rental options and services for short-term visitors and long-term residents. 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.
“We are honored 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 Mr. Vik Rao, CEO of SHG.
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