SCTA signs a contract with “The Investor Co.” for establishing Saudi Heritage Hospitality Company
Almasalla Arab Travel Portal News – SCTA and "The Investor Co.," a financial consultation firm, on Thursday, 20th March, signed a contractat the headquarters of SCTA in Riyadh, for providing financial consultation for private placement of shares of the Saudi Heritage Hospitality Company (under incorporation).
Dr. Hamad Al Semaeel, Assistant Vice-President of SCTA for Tourism Development, in this context said, “SCTA has begun the regulatory procedures for the establishment of the Saudi Heritage Hospitality Company in accordance with requirements of the Saudi Arabia Monetary Agency (SAMA). "The Investor Co.," will begin its tasks as of next week.”
Establishment of the company is integrated with the elements of the King Abdullah Project for Care of Cultural Heritage of the Kingdom.
The company is planned to manage and operate a number of heritage hospitality facilities owned by the State.
Dr. Al Semaeel commended the contribution of the Public Investment Fund (P I F) as a founder and key contributor in the company’s capital. The company’s private placement aims to draw contributions of the national organizations at the private sector in the capital of the company such as the tourism facilities developers, real estate developers, investors and financers.
The capital of the company is SR 250 million, and it will be established within the efforts of SCTA for utilizing heritage buildings and archeological sites owned by the State.
Noteworthy, the Cabinet last year had approved SCTA’s request for the engagement of the State, represented by Public Investment Fund (P I F), as a key partner, in the heritage buildings project through the establishment of a joint-stock holding company for the development and investment of the heritage buildings that owned by the State.
