Knowledge Economic City and Maison Privee form joint venture in Madinah

Madinah-based developer Knowledge Economic City (KEC) has entered a joint venture with Dubai-founded operator Maison Privee to create a new short-term rental management company in the city.

The partnership will introduce professionally managed short-stay accommodation within KEC’s master-planned developments and across Madinah, targeting visitors, pilgrims and business travellers. The new company will operate a centralised STR platform offering fully furnished units and end-to-end guest services, including booking, concierge, housekeeping, transport, and event support.

KEC chairman Amin Shaker said the collaboration would support the company’s ambition to introduce a “new residential model” in Madinah that combines flexible ownership with branded short-stay management. He added that Maison Privee’s experience in the UAE’s regulated STR segment is expected to boost asset value for property owners.

The venture’s first project will be Al Alyaa, a fully integrated mixed-use community within KEC spanning 226,000 square metres. The development includes 1,490 residential units, landscaped areas, retail and hospitality space, and a range of lifestyle amenities. The STR platform will sit alongside the sales programme, giving buyers the option to use units personally or generate rental income.

Maison Privee managing director Paul Mallee said the agreement marks the company’s entry into the Saudi market and aims to create “a centralised STR management platform on a scale unprecedented in the region”. The model will allow investors to switch between short- and long-term leasing depending on market conditions.

The partnership aligns with Saudi Arabia’s wider tourism and housing objectives under Vision 2030, particularly the Pilgrim Experience and Quality of Life programmes. KEC’s masterplan covers 6.8 million sqm and is located near the Prophet’s Mosque, the Haramain high-speed rail station, and Prince Mohammed bin Abdulaziz International Airport.

Maison Privee, founded in Dubai in 2017, manages luxury short-term rentals in the UAE and is partnered with Archipelago International. According to the company, it has hosted more than one million guests and manages approximately AED 1.83 billion in assets.

Highlights:

• KEC and Maison Privee form a joint venture to launch a centralised STR management company in Madinah.

• First project: Al Alyaa, a 226,000 sqm integrated community with 1,490 units.

• Venture includes full-service STR operations: booking, guest app, concierge, housekeeping, transport and more.

• Maison Privee enters the Saudi market for the first time.

• Model allows owners to switch between short- and long-term rentals to optimise yields.

• Supports Saudi Vision 2030 initiatives around tourism and housing.

Sources: https://www.argaam.com/en/article/articledetail/id/1855789 https://shorttermrentalz.com/news/knowledge-city-maison-privee-madinah-venture/

Photo of the development in Madinah