UAE conglomerate Al Habtoor Group is looking to tap into Saudi Arabia's lucrative hospitality sector, a report said.

Mohammed Al-Habtoor, chief executive and vice chairman of the family-owned conglomerate, said he will be going on a "fact-finding mission" to the kingdom soon and is already in talks with potential business partners, a report in Arab News said.

Hotels and leisure developments are a major element of the economic transformation of Saudi Arabia, which is seeking to diversify away from oil dependency.

Projects such as Neom, the Red Sea Resort and Al-Qiddiya present big business opportunities for leisure companies as the kingdom aims to keep more tourist riyals in the country, rather than being spent abroad, the report said.