US-based Starwood Hotels and Saudi Real Estate have signed an agreement to build two hotels in Riyadh adjacent to the King Abdullah Financial District, reports news agency Reuters.

While Saudi Real Estate owns the land, Starwood will manage a five-star hotel under its Westin brand and a four-star hotel under its Element brand.

The hotel project will be right next to the King Abdullah Financial District which was launched in 2006 to house banks and the financial regulator – but as it has struggled to attract tenants, the government said in April that it will convert it into a special business zone.

This zone will have competitive regulations, visa exemptions for foreigners working there, and direct connections to Riyadh’s international airport.