Al-Othaim establishes its latest company in hospitality to ‎diversify investment activities

Al Othaim Investment Company announced the establishment of a new company in hotel and hospitality sector to join its existing chain of companies in several sectors, within the framework of the company’s strategic vision aimed at expanding and diversifying its investment activities. Mr. Mishal bin Omairah, CEO of Al Othaim Investment Company, confirmed that the establishment of the new company within Al Othaim Investment Group comes in support and enhancement of its vision and future strategy of expansion and adding new activities, especially in hotel and hospitality, through a series of projects that it is working on establishing or continuous development and modernization of its existing projects. He pointed out that the new company represents an important addition by enhancing the integration of services and activities provided by the group.

The company will work to establish more than (14) international hotels during the next two years, in addition to upscale hotel apartments and modern commercial offices. The necessary licenses to practice this activity have been obtained. He said that the establishment of this new company comes in line with the Kingdom’s 2030 vision to develop the hospitality industry and develop Saudi tourism and make the Kingdom a major destination for visitors, pilgrims and investors, in addition to paying attention to the quality of life program and providing more vibrant services and options that enhance positive lifestyles in society and keep pace with the goals of the Kingdom’s vision 2030, which aims to raise the tourism and hospitality sector’s participation in the gross domestic product to 10 percent by recording 150 million visits annually by the year 2030. Bin Omairah added that the presence in the hospitality sector is part of the company’s integrated strategy and enhances its growth goals in the group’s other sectors (commercial complexes, real estate investment, entertainment, cinema, fashion, restaurants and cafes, etc).

It is noteworthy that Al-Othaim Investment plans to launch a global brand to manage the company’s investments in the hotel and hospitality sector, by establishing 14 international hotels containing more than 2,000 units to provide an exceptional and unique accommodation experience. It will also witness the provision of many hospitality options through the finest international restaurants and others of distinguished services for guests, which in turn creates job opportunities with more than 3,000 jobs directly and indirectly in various specializations.