A new hospitality brand that will manage and convert into ultra-luxury boutique hotels a myriad of iconic historic and cultural palaces in Saudi Arabia was launched Thursday by Saudi Crown Prince Mohammed bin Salman and the chairman of the Kingdom’s Public Investment Fund (PIF).
According to the follow-up statement, the company aims to create a new and unique hospitality experience by reviving Saudi Arabia’s vibrant heritage and culture and blending it with modern amenities.
The main scope of the group is to provide its guests with an exclusive hospitality experience – from dining to wellness- and unique service while growing the Saudi ultra-luxury hospitality sector and contributing to the local economy’s development.
Their plan envisages focusing on the development of three historic palaces in the first phase – in cooperation with the private sector- including Riyadh-based Tuwaiq Palace and Red palace as well as Al Hamra Palace in Jeddah.
The three projects will offer a total of 244 keys, including 119 luxury palace suites, 100 luxury villas, and 25 luxury guest rooms.
According to PIF Governor, Yasir Al-Rumayyan, pointed in his statement, PIF’s mandate to unlock the capabilities of Saudi Arabia’s promising sectors was underlined by the Crown Prince’s launch of the Boutique Group.
Al-Rumayyan stressed that by enhancing the Kingdom’s already unique tourism offerings the group can not only strengthen Saudi Arabia’s position as a leading regional and international tourism and cultural destination but will also contribute to Saudi Vision 2030 and to non-oil GDP growth by helping to drive the diversification of the economy.
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