Oyo Hotels and Homes, the world’s third largest and fastest-growing hotel chain, signed an MoU with the Saudi Arabian General Investment Authority (SAGIA) to invest over $1 billion into building luxury hospitality ecosystem across cities in KSA by adding luxury and upper-budget/mid-segment hotels to its chain in the coming months.
Ritesh Agarwal, founder and CEO of Oyo Hotels and Homes, said, “The luxury segment in the Kingdom of Saudi Arabia holds a lot of promise for us given the rapid growth of the hospitality industry over the last few years. We are honoured to bring Oyo’s expertise, our deep understanding of consumers coupled with our operational and technological capabilities to the luxury hospitality segment in KSA. Today, we are hosting guests in over 130+ hotels with 6,500+ rooms as a part of Oyo’s chain and we want to thank his majesty the custodian of the two holy mosques King Salman bin Abdulaziz Al Saud, his royal highness Prince Mohammed Bin Salman, and Saudi Arabian General Investment Authority (SAGIA) for their continued support,”.
“This MoU and investment of SAR 4 billion reiterates our commitment of delivering a standardised quality experience to travellers coming to the Kingdom of Saudi Arabia and driving higher yields for small and independent asset owners. Our operations in the region are supported by over 350 Saudi nationals and we are keen to generate employment opportunities for young hospitality enthusiasts in the region."
TTN is the most established trade publication in the Middle East distributed on a controlled circulation basis to members of the travel and tourism industry.
Published monthly by Al Hilal Publishing and Marketing Group, the region’s foremost trade publisher, TTN is aimed at professionals in the industry, from travel agents to airline and hotel personnel.
TTN provides in-depth and extensive coverage of relevant issues in the Middle East and North Africa as well as in other parts of the world. Travel related news, analysis, and new appointments together with information on up-coming exhibitions, marketing and promotional campaigns are presented in an innovative and striking colour tabloid.
Every issue also contains a collation of international and regional news and topical features of interest to readers.