Riyadh – Mubasher: Seera Group has penned a memorandum of understanding (MoU) with the Tourism Development Fund to finance the development and construction of some 1,000-room hotels in various Saudi cities, including Riyadh, Jeddah, Al Baha, Abha, Taif, and Hail. 

Some of the middle-class full-service hotels will include restaurants, cafes, and family entertainment areas, according to a bourse statement on Monday.

This step allows the fund to further support and empower the private sector in a bid to boost tourism investments and achieve the tourism national strategic goals by providing jobs, increasing the sector’s contribution to the gross domestic product (GDP) while raising visitors’ numbers.

The six-month MoU is in line with the group’s plan to expand in the hotel sector in the kingdom through brands affiliated to Choice International Company.