Heritage hospitality company formed

The Saudi Commission for Tourism and Antiquities (SCTA) signed a contract with the Investor Co., a financial consultation firm in Riyadh, to establish the Saudi Heritage Hospitality Company.
“The SCTA and the Investor Co. recently signed a contract here at the headquarters of the SCTA for providing financial consultation for private placement of shares of the Saudi Heritage Hospitality Company,” an SCTA official said here.
The Investor Co. will begin its tasks soon, he said.
The company’s private placement aims to draw contributions of the national organizations at the private sector in the capital of the company such as tourism facilities developers, real estate developers, investors and financiers.
According to the official, the capital of the company is SR250 million and it will be established in line with the efforts of the SCTA for utilizing heritage buildings and archaeological sites owned by the state.
Commenting on the deal, Hamad Al-Semaeel, assistant vice president of the SCTA for tourism development, said: “The SCTA has begun the regulatory procedures for the establishment of the Saudi Heritage Hospitality Company in accordance with the requirements of the Saudi Arabia Monetary Agency (SAMA).”
The establishment of the company is integral to the elements of the King Abdullah project for care of the cultural heritage of the Kingdom.
The company will manage and operate a number of heritage hospitality facilities owned by the state.
Al-Semaeel also commended the contribution of the Public Investment Fund (PIF) as a founder and key contributor in the company’s capital.
Earlier, the Cabinet last year had approved the SCTA’s request for the engagement of the state, represented by the PIF as a key partner in the heritage buildings project through the establishment of a joint-stock company for the development and investment of the heritage buildings that is owned by the state.