Amlak-Follow-ups
The Saudi Commission for Tourism and Antiquities (SCTA) recently signed a financial advisory services contract for the private placement of the Saudi Heritage Hospitality Company (under incorporation), at the Commission's headquarters in Riyadh.
The Assistant Vice President for Tourism Investment and Development at the Saudi Commission for Tourism and Antiquities, Dr. Hamad Al-Samail, stated that the Commission has initiated the statutory procedures for the establishment of the Saudi Heritage Hospitality Company in accordance with the requirements of the Capital Market Authority, noting that the Investor Securities Company will start its duties starting from the beginning of this week.
He explained that the establishment of the company comes integrated with the elements of the project to care for the Kingdom's cultural heritage, indicating that the company will assume the tasks of managing and operating a number of state-owned heritage accommodation and hospitality facilities.
He praised the contribution of the Public Investment Fund as the founding partner in the company's capital, noting that the private placement targets the contribution of national institutions from the private sector in the capital of the company from developers of tourism facilities, real estate developers and financial investors.
The establishment of the Saudi Heritage Hospitality Company with a capital of 250 million riyals comes within the efforts of the General Authority for Tourism and Antiquities in the field of utilizing heritage buildings and archaeological sites owned by the state, where the Council of Ministers approved last year the request of the Authority to enter the state, represented by the Public Investment Fund, as a partner in the heritage hotels project through the establishment of a joint stock holding company to develop and invest heritage buildings owned by the state in heritage accommodation and hospitality.
The Heritage Hotels Project is an integrated vision for utilizing heritage buildings in accommodation and hospitality as heritage hotels. The work on the project included exploring leading international experiences in employing heritage buildings as heritage hotels, and studying the economic feasibility of a number of heritage buildings selected for development.
