The Saudi Commission for Tourism and Antiquities (SCTA) plans to launch a new company in December , with initial capital of SAR 250 million.
The new company is to help turn some of the country’s oldest government-owned buildings into hotels, according to Arab News.
Hamad Al-Semaeel, SCTA vice-president for tourism investment and development, said details of the financial structure of the Saudi Heritage Hospitality Company would be announced during the fourth National Urban Heritage Forum to be held in Abha from Dec. 1 to 4.
The Public Investment Fund (PIF) would be a stakeholder in the venture, with shares offered to the public at a later stage, Al-Semaeel added. He noted that SCTA has already conducted a feasibility study on the company.
The new company is to help turn some of the country’s oldest government-owned buildings into hotels, according to Arab News.
Hamad Al-Semaeel, SCTA vice-president for tourism investment and development, said details of the financial structure of the Saudi Heritage Hospitality Company would be announced during the fourth National Urban Heritage Forum to be held in Abha from Dec. 1 to 4.
The Public Investment Fund (PIF) would be a stakeholder in the venture, with shares offered to the public at a later stage, Al-Semaeel added. He noted that SCTA has already conducted a feasibility study on the company.
Source:
Mubasher
