The new initiative was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, Chairman of the Council for Economic and Development Affairs, and Chairman of the Public Investment Fund (PIF).
The Boutique Group will revive the vibrant heritage and culture of Saudi Arabia to create a new and unique hospitality experience, said a statement.
Boutique Group will blend the kingdom's culture and heritage with modern amenities, growing the Saudi ultra-luxury hospitality sector and contributing to the local economy
The first phase of the project will focus on the development of three historic palaces in cooperation with the private sector, including Al Hamra Palace that will offer 77 keys including 33 luxury palace suites and 44 luxury villas in Jeddah. Tuwaiq Palace will provide 96 keys including 40 luxury palace suites and 56 luxury villas. Whereas Red Palace will offer 71 keys including 46 luxury suites, and 25 luxury guest rooms. Both Tuwaiq and Red palace are located in Riyadh.
Boutique Group will blend the kingdom's culture and heritage with modern amenities to provide an exclusive hospitality experience and a unique service to its guests, growing the Saudi ultra-luxury hospitality sector and contributing to the development of the local economy. The company will also offer many high-end experiences from dining to wellness to exclusive services for each guest.
Yasir Al-Rumayyan, Governor of PIF, said: “His Royal Highness the Crown Prince's launch of the Boutique Group underlines PIF’s mandate to unlock the capabilities of promising sectors in Saudi Arabia that can help drive the diversification of the economy and contribute to non-oil GDP growth.
“The group will enhance the kingdom’s already unique tourism offerings, strengthening Saudi Arabia’s position as a leading regional and international tourism and cultural destination and contributing to Saudi Vision 2030,” H.E added.
In 1971, King Faisal bin Abdulaziz Al Saud directed to dedicate Al Hamra Palace as a hospitality palace for the most prominent international public figures from around the world.
The Red Palace is considered the first reinforced concrete building constructed in Riyadh city in 1944 and the Tuwaiq Palace is one of the most prominent historical and cultural landmarks in the city of Riyadh, built in 1980.