The Public Investment Fund announced today the launch of Adira, a hotel management company dedicated to managing and operating hotels.
Adira—wholly owned by the Public Investment Fund—aims to be a leading national company driving the hospitality sector in the Kingdom, and to contribute to enhancing the expertise and skills of Saudi talent by developing new Saudi hospitality brands that meet global standards, while strengthening the sector’s capabilities in the Kingdom through the launch of training and skills development programs in collaboration with international hospitality experts.
In line with the Kingdom’s efforts to cement its position as a major tourist destination, Adira seeks to launch a range of distinctive Saudi hotel brands, varying in category from mid-range to luxury, to suit different categories of visitors. These brands will help create more business opportunities focused on showcasing the Saudi hospitality experience, as the company plans to work with hotel developers to strengthen the local private sector’s contributions in the Kingdom.
The Co-Director of the Real Estate Projects Portfolio at Public Investment Fund, Khalid Juhar, explained that the launch of “Adira” coincides with the Kingdom’s efforts to enhance local hospitality and tourism offerings, providing the company with an opportunity to develop the sector, by introducing new hotel brands that help strengthen the Kingdom’s position as a premier tourist destination, alongside the company’s focus on the Kingdom’s heritage and authentic traditions, which will provide it with unique competitive advantages.
The launch of “Adira” reaffirms the Public Investment Fund’s pivotal role as a catalyst and enabler for developing the capabilities of strategic sectors, and as a key driver of the Kingdom’s economic transformation efforts.
The announcement of the company’s launch follows a series of significant investments in the tourism and real estate sectors, including “Boutique Group,” which specializes in redeveloping historic and cultural palaces and transforming them into luxury hotels, the rural and eco-tourism resort developer “Dan,” and the Saudi Tourism Investment Company "Asfar," in line with the National Tourism Strategy, which aims to attract 150 million visitors and increase the tourism sector’s contribution to GDP to approximately 10% by 2030.
