PIF launched the Hotel Management Company Adeera, a new hospitality management firm that will operate and manage hotels, combining the highest industry standards with timeless authentic Saudi hospitality.
Adeera, a wholly owned PIF company, will be a national champion, leading the Saudi hospitality sector and enhancing local talent and expertise. It aims to build new world-class Saudi hotel brands and to enhance the capacity of the local sector by launching programs for training and skills development, in cooperation with international hospitality specialists.
Adeera to be a national champion in the hotel sector by developing and operating new homegrown brands embodying authentic Saudi culture and hospitality
At a time when Saudi Arabia is cementing its place as a major tourism destination, the company seeks to introduce a portfolio of distinctive Saudi hotel brands, serving various segments from mid-range to ultra-luxury, for different categories of visitor. It will unlock new business opportunities, focusing on the Saudi hospitality experience, working with hotel developers to maximize the contribution from the local private sector.
The launch comes as Saudi Arabia is expanding its hospitality and tourism offerings
Khalid Johar, Co-head of Local Real Estate Portfolio at PIF, said: “The launch of Adeera comes at a pivotal time when Saudi Arabia is expanding its hospitality and tourism offerings. The company has the opportunity to grow the sector by introducing new hotel brands as the country is establishing itself as a major tourism destination. Adeera’s unique focus on Saudi culture and traditions will provide a distinctive edge.”
Adeera aims to complement the various international brands already in Saudi Arabia and expand opportunities for Saudi talent and the private sector
The establishment of Adeera underlines PIF’s role as an industry enabler in developing Saudi Arabia’s strategic sectors, driving economic growth and diversification. It follows a series of significant investments by PIF in both the tourism and real estate sectors. This includes investments such as the hospitality company Boutique Group – which specializes in developing historic and cultural palaces into luxury boutique hotels – the agri-tourism company Dan and the tourism investment company Asfar. Saudi Arabia’s National Tourism Strategy aims to attract 150 million visitors and have tourism contribute 10% of the nation’s GDP by 2030.