OYO will also set up two OYO Skill Institutes to train Saudi graduates in hotel management. India-based global hospitality chain, OYO Hotels & Homes, will invest $1 billion to expand its operations in Saudi Arabia by adding luxury and upper-budget/mid-segment hotels to its chain in the coming months.
OYO has signed an MoU (Memorandum of Understanding) with the Saudi Arabian General Investment Authority (SAGIA) for the proposed investment plans, to develop a luxury hospitality ecosystem across multiple cities in the kingdom, the company has said.
The Indian hospitality major’s new investment plans in Saudi Arabia is aimed at tapping into the region’s emerging hospitality sector by providing standardised accommodation to travellers from GCC countries, India and other international tourists, including business and pilgrimage travellers.
“The luxury segment in the Kingdom of Saudi Arabia holds a lot of promise for us, given the rapid growth of the hospitality industry over the last few years, The Kingdom’s hospitality industry offers a huge, untapped opportunity and we will continue to invest in it and expand OYO’s presence in the region,’’ – Ritesh Agarwal, founder and CEO of OYO Hotels & Homes, has said.
OYO, which entered the Saudi market early this year, has expanded its footprint to 14 cities with 6,500 exclusive keys in 130 hotels in a short span of time.
