RIYADH: Qatar’s investment group Estithmar Holding plans to expand its footprint in the Middle East region as it won contracts for three resorts in Saudi Arabia. The firm is also expanding its project portfolio to other regional markets including Egypt, CEO Henrik Christiansen told The Peninsula, adding that Algeria is a strategic pillar that is anticipated to drive the group’s future growth. “Estithmar Holding will relentlessly pursue excellence and innovation, increasing value to businesses to enable them to advance that value to their end-users,” the CEO emphasized. Earlier this month, its subsidiary Elegancia Arabia Trading Co. won mechanical, electrical and plumbing contracts for three resorts in Saudi Arabia’s Red Sea giga-project. The three properties on Shura Island include the 430-rooms Central Hotel, 150-rooms Faena The Red Sea Hotel and the 180-rooms Miraval The Red Sea Hotel. These resorts are part of the 11 being developed on the main hub island of the Red Sea Project in Saudi Arabia. Moreover, Estithmar Holding is also seeking to make deep inroads into the hospitality sector by launching the Rosewood Hotel in the Maldives during the first quarter of 2025. “All preparations are underway and work on the project is moving well,” said Christiansen. While it is also embarking on modular construction in Saudi Arabia, the CEO affirmed that the group’s investment in the healthcare sector has emerged as a major growth vehicle in its home country. “Qatar is a big and interesting market for private healthcare through which Estithmar will support the State’s 2030 National Vision,” added Christiansen.