Saudi Arabia launches US$5 billion partnership with Hong Kong’s Regal Hotels and Cosmopolitan International to promote tourism
- Agreement establishes a framework for cooperation between the parties, pooling their expertise to promote green tourism and hospitality projects
- Saudi Arabia is continuing a push to diversify its economy and attract more international tourists
Saudi Arabia has launched a US$5 billion strategic partnership with Hong Kong-based hotel operator Regal Hotels International and property investment firm Cosmopolitan International Holdings, as part of its push to expand tourism and diversify away from the oil industry.
The Ministry of Investment of the Kingdom of Saudi Arabia (MISA) signed a memorandum of understanding (MOU) on Thursday with Regal Hotels and Cosmopolitan International to establish a framework for cooperation between the parties, pooling their expertise to promote green tourism and hospitality projects in mainland China, Saudi Arabia and Hong Kong.
“With this partnership, we aim to explore opportunities in hotel development and hotel management and green tourism in Saudi Arabia,” said Ahmad Jamal, director of tourism at MISA, at a media briefing on Thursday afternoon.
“I am very confident that this is one of many initiatives yet to come, which will benefit Saudi Arabia and Hong Kong and the rest of China,” said Jamal.
The aim of the MOU is to acquire, develop and manage a network of sustainable hotels, serviced apartments and centres of innovation under the “iclub” brand of Regal Hotels, according to a joint statement.