Al Othaim Investment sets up new hospitality company

Meshaal Bin Omairh, group CEO, Abdullah Al Othaim Investment Co. 

Abdullah Al Othaim Investment Co. announced the establishment of a new company in the hotel and hospitality sector as part of its strategy aimed at expanding and diversifying its investment activities. 

The subsidiary will support and enhance Al Othaim’s vision and future strategy in expanding and adding new activities, particularly, in the hotel and hospitality segments, group CEO Meshaal Bin Omairh said. 

He pointed out that the new company represents an important addition by enhancing the integration of services and activities provided by the group.  

The subsidiary will work to establish more than 14 international hotels during the next two years, in addition to high-end hotel apartments and commercial offices, as the necessary licenses have been obtained. 

The step comes in line with the Kingdom's Vision 2030 to develop the hospitality industry, develop Saudi tourism and make the Kingdom as a major destination for visitors, Umrah performers and investors.

This is in addition to paying attention to the quality-of-life program and providing more vital services and options that enhance positive lifestyles in society and keep pace with the goals of the Kingdom's Vision, which aims to raise the contribution rate of the tourism and hospitality sector in the GDP to 10% by recording 150 million visits annually by 2030.

Bin Omairh added that the presence in the hospitality sector serves the company's integrated strategy and enhances its growth targets in other sectors of the group (commercial complexes, real estate investment, entertainment, cinema, fashion, restaurants and cafes, and others).

Al Othaim Investment plans to launch a global brand to manage the company's investments in the hotel and hospitality sector, through the establishment of 14 international hotels containing more than 2,000 units to provide an exceptional and unique accommodation experience.

The company will also provide many hospitality options through the finest international restaurants and other distinguished services to guests, which in turn creates job opportunities with more than 3,000 jobs directly and indirectly in various specialties.