PIF launches new firm to develop Saudi hospitality brands
RIYADH, 12 hours, 38 minutes ago
Saudi Arabia's sovereign wealth fund PIF has announced the launch of Adeera, a new hospitality management company that will operate and manage hotels, combining the highest industry standards with timeless authentic Saudi hospitality.
Through Adeera PIF it aims to build new world-class Saudi hotel brands and enhance the capacity of the local sector by launching programmes for training and skills development, in co-operation with international hospitality specialists.
At a time when Saudi Arabia is cementing its place as a major tourism destination, the company seeks to introduce a portfolio of distinctive Saudi hotel brands, serving various segments from mid-range to ultra-luxury, for different categories of visitor, said PIF in a statement.
It will unlock new business opportunities, focusing on the Saudi hospitality experience, working with hotel developers to maximize the contribution from the local private sector, it stated.
Adeera will be a national champion, leading the Saudi hospitality sector and enhancing local talent and expertise, it added.
Khalid Johar, the co-head of Local Real Estate Portfolio at PIF, said: "The launch of Adeera comes at a pivotal time when Saudi Arabia is expanding its hospitality and tourism offerings. The company has the opportunity to grow the sector by introducing new hotel brands as the country is establishing itself as a major tourism destination."
"Adeera’s unique focus on Saudi culture and traditions will provide a distinctive edge," he noted.
According to Johar, the establishment of Adeera underlines PIF's role as an industry enabler in developing Saudi Arabia's strategic sectors, driving economic growth and diversification.
It follows a series of significant investments by PIF in both the tourism and real estate sectors.
This includes investments such as the hospitality company Boutique Group - which specializes in developing historic and cultural palaces into luxury boutique hotels - the agri-tourism company Dan and the tourism investment company Asfar, he stated.
Saudi Arabia’s National Tourism Strategy aims to attract 150 million visitors and have tourism contribute 10% of the nation’s GDP by 2030, he added.-TradeArabia News Service
