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Saudi Arabia Launches Boutique Group To Develop Palaces Into Luxury Hotels

By Dave Simpson

Saudi Arabia has launched a new luxury hospitality firm to develop palaces into opulent hotels.

Boutique Group

The firm, which is called Boutique Group, will develop Jeddah's Al Hamra Palace and Riyadh's Tuwaiq Palace and Red Palace, a statement from the kingdom's Public Investment Fund (PIF) said. The sites will offer 244 rooms, suites and villas.

Aiming To Grow Tourism

The world's biggest oil exporter aims to grow tourism to contribute 10% of gross domestic product by 2030 under plans to diversify the economy.

First Phase

Development of the three palaces will be a first phase, with other "high-end experiences" planned including restaurants and spas.

PIF Governor Statement

PIF Governor Yasir al-Rumayyan said that the launch underlines the $480 billion sovereign wealth fund's "mandate to unlock the capabilities of promising sectors in Saudi Arabia that can help drive the diversification of the economy and contribute to non-oil GDP growth."

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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