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FINANCIAL NEWS
Hotel groups to invest in Saudi
07 May 2014
(MENAFN) Major hotel groups, and international and local investors plan to expand their existence in the GCC countries, especially Saudi Arabia, and make multi-million worth projects and expansions, according to Arab News.
The UAE-based Hospitality Management Holdings (HMH) signed a franchise agreement for a new property in Riyadh.
Laurent A. Voivenel, CEO of HMH, said: “It gives us great pleasure to welcome Coral Riyadh Al Dhabab Hotel into our group as we continue to pursue our strategic expansion.”
Commenting on HMH expansion in Saudi, Voivenel, said: “Tourism has a huge significance for the economy in KSA being the country’s second largest industry. With over $80 billion worth of investment into key infrastructure projects including airport expansion, railways and roads, domestic as well as international tourism is expected to benefit tremendously, making it an opportune time for us to expand our presence in the market.”
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