<Dr. Hamad Al Samael, Vice President for Tourism Investment and Development at the Saudi Commission for Tourism and Antiquities (SCTA), confirmed that SCTA is close to completing the private subscription phase of the Saudi Heritage Hospitality Company with a capital of (250,000,000) in coordination and work with the Capital Market Authority and the company's financial advisor, indicating that the private subscription is scheduled to close and notify the Capital Market Authority of the results of the offering once the subscribed companies are completed, and the company's shares will be offered for public subscription in the future - God willing - after the establishment phase and the promotion and proof of its feasibility.
The Saudi Commission for Tourism and Antiquities announced the establishment of the Saudi Heritage Hospitality Company at the opening ceremony of the Fourth National Urban Heritage Forum held last Monday in Abha under the patronage of His Royal Highness Prince Faisal bin Khalid, Governor of Asir Region and Chairman of the Tourism Development Council in the region.
The establishment of the Saudi Heritage Hospitality Company comes in line with the regulation of the Saudi Commission for Tourism and Antiquities in the field of care and development of the national urban heritage through the rehabilitation and use of heritage buildings and archaeological sites and their economic employment with the aim of preserving them for future generations and highlighting the heritage and cultural stock of the Kingdom and establishing tourist accommodation facilities based on heritage architecture to provide services consistent with traditional hospitality and local products stemming from our ancient heritage.
Based on the Council of Ministers Resolution No. (93) dated 1/4/1434 AH approving the Authority's request to establish a joint stock holding company for the development and investment of heritage buildings in heritage accommodation and hospitality in which the state, represented by the Public Investment Fund, contributes, SCTA is about to finalize the private subscription phase in the Saudi Heritage Hospitality Company with a capital of (250,000,000) two hundred and fifty million riyals where a number of national public shareholding companies specialized in the field of hospitality, accommodation and heritage work committed.
The Saudi Commission for Tourism and Antiquities announced the establishment of the Saudi Heritage Hospitality Company at the opening ceremony of the Fourth National Urban Heritage Forum held last Monday in Abha under the patronage of His Royal Highness Prince Faisal bin Khalid, Governor of Asir Region and Chairman of the Tourism Development Council in the region.
The establishment of the Saudi Heritage Hospitality Company comes in line with the regulation of the Saudi Commission for Tourism and Antiquities in the field of care and development of the national urban heritage through the rehabilitation and use of heritage buildings and archaeological sites and their economic employment with the aim of preserving them for future generations and highlighting the heritage and cultural stock of the Kingdom and establishing tourist accommodation facilities based on heritage architecture to provide services consistent with traditional hospitality and local products stemming from our ancient heritage.
Based on the Council of Ministers Resolution No. (93) dated 1/4/1434 AH approving the Authority's request to establish a joint stock holding company for the development and investment of heritage buildings in heritage accommodation and hospitality in which the state, represented by the Public Investment Fund, contributes, SCTA is about to finalize the private subscription phase in the Saudi Heritage Hospitality Company with a capital of (250,000,000) two hundred and fifty million riyals where a number of national public shareholding companies specialized in the field of hospitality, accommodation and heritage work committed.
