OYO Hotels & Homes, the world’s third largest and fastest-growing hotel chain, has inked a Memorandum of Understanding with the Saudi Arabian General Investment Authority (SAGIA), to invest $1.07 billion into building a luxury hospitality ecosystem across cities in the Kingdom.
The hospitality brand is set to add luxury and upper-budget mid-segment hotels to its portfolio in the Kingdom in the coming months. It primarily opened its doors as the largest hotel chain in Saudi Arabia and, in a short period of time, has expanded its footprint to 14 cities with 6,500 keys in 130+ hotels.
Reiterating its commitment to the Kingdom, OYO will invest up to $1.07 billion in the region’s hospitality sector for providing trusted accommodation to travellers from GCC countries, India and other international tourists, including business and pilgrimage travellers. The brand also marks its move into offering luxury hospitality in the Kingdom, with plans to add luxury hotels to its portfolio.
On the major development, founder and CEO, OYO Hotels and Homes, Ritesh Agarwal commented: “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.”
Meanwhile, Governor, SAGIA, HE Eng. Ibrahim Al-Omar declared: “In Saudi Arabia, the market fundamentals are in place for a vibrant tourism industry, and we believe that the private sector will play a crucial role in unlocking this potential. At SAGIA, our role is to empower and enable domestic and international investors by identifying and developing new opportunities, fostering partnerships and shaping regulatory reforms.”