Almulla Hospitality has completed an agreement to open its first property in the holy city of Makkah.  UAE based Ulmalla Hospitality is a new Sharia-compliant hotel operator.  The new five star hotel will have 875 rooms and is scheduled to open in 2012.  

The company sees several new business opportunities although the economic slowdown has stalled investment in the regions hotel sector. Chairman Abdulla Mohammad Almulla said “There are investors who do not care about the downturn if opportunities are good.  He said they want to be an international Sharia-based hotel company and “there is more demand outside the Gulf because large Muslim populations live outside this region and they are traveling more.”