Al Othaim Investment Hosts Global ‘Future of Hospitality’ Summit in Riyadh, Unveils Strategic Plan for Hospitality Sector Advancement

Al Othaim Investment sponsors the “Future Hospitality” Summit in Riyadh, Saudi Arabia, slated from April 29 to May 1, 2024. The summit is set to convene leading investors in the hospitality sector from across the globe alongside key figures from major Saudi and international organisations and corporations

Al Othaim Investment Company is poised to unveil its strategic blueprint for venturing into the hospitality sector, marking a significant expansion in its investment portfolio. The company’s forthcoming strategy aims to establish a robust presence in hospitality through a comprehensive plan encompassing 14 hotels boasting 2,000 rooms and suites, crafted to international standards of excellence, spanning across the 4 and 5-star categories. Additionally, the plan includes upscale hotel apartments and commercial offices, totalling over 176,000 square meters. These properties are slated for inauguration in various regions of the Kingdom, including 3 in Riyadh, 2 in Buraydah, 2 in Ha’il, as well as in Dammam, Madinah, Khamis Mushait, Jubail, Hafr Al Batin, Jazan, and Al-Ahsa. The initiative aims to deliver unparalleled and distinctive hospitality experiences tailored to cater to diverse segments of society, catering to the needs of visitors and tourists from around the globe.

Meshaal Bin Omairah, CEO of Al Othaim Investment Company, emphasised the group’s commitment to excellence in the hospitality sector, stating, “Al Othaim Investment’s strategic vision in this realm hinges on delivering unparalleled services adhering to the highest benchmarks of quality and luxury across both current and forthcoming ventures, catering to a diverse clientele.”

Mr Meshaal further underscored that the outcomes of the summit would serve as a barometer for gauging the efficacy of the Kingdom’s substantial and groundbreaking investments across public and private sectors in infrastructure, as well as the state’s endeavours to cultivate the tourism and hospitality domains. These endeavours align seamlessly with the objectives outlined in the Kingdom’s Vision 2030, aimed at fostering tourism expansion and welcoming 150 million annual tourists. Moreover, he highlighted that the company’s upcoming projects are poised to generate over 3,000 direct and indirect employment opportunities for Saudi nationals, spanning diverse fields and genders.

Bin Omairah reiterates that the company’s inauguration signifies a pivotal step in Al Othaim Investment’s holistic strategy. It leverages unprecedented government support to harness the infrastructure and social fabric inherent in the company’s projects and subsidiaries. This strategic approach is designed to enhance success prospects, elevate customer experiences, and improve the quality of life, all in line with the tenets of the Kingdom’s Vision 2030 – fostering a vibrant society, a prosperous economy, and an ambitious nation.

The remarkable growth trajectory of Al Othaim Investment Company in recent years underscores its strategic vision, characterised by expansion into novel domains and pursuit of contemporary commercial ventures aligned with the abundant opportunities presented by the Kingdom’s Vision 2030 initiatives for diversified economic growth. The company’s portfolio encompasses a myriad of enterprises spanning major commercial complexes, hotels, real estate investment, entertainment venues, cinemas, fashion outlets, restaurants, cafes, artificial intelligence ventures, sports facilities, residential units, and commercial offices. Since its inception, the company has demonstrated financial resilience, operational robustness, and operational efficiency while steadfastly upholding the highest standards of quality, transparency, and governance across its diverse operational spheres.