Saudi's Investment Fund Announces Plan to Build its Own Hotel Brands
Skift Take
Saudi Arabia has been using global hotel brands to put itself on the map. Now the country feels ready to start creating its own.
The sovereign wealth fund of Saudi Arabia, known as the Public Investment Fund (PIF), launched the Hotel Management Company (Adeera) on Tuesday, with the ambition to develop and run a string of new hotel brands homegrown in the kingdom.
Adeera will work on brands from mid-scale all the way up to luxury.
While many hotels opening in Saudi have appeared more Western, Adeera commits to building brands centered on Saudi culture. The launch video, for example, features many key aspects of Saudi traditions.
Khalid Johar, co-head of PIF's local real estate portfolio, said: “The launch of Adeera comes at a pivotal time when Saudi Arabia is expanding its hospitality and tou
