Al Tayyar Travel Group Holding, one of the largest travel and tourism companies in the Middle East and North Africa region is playing the key role as a founding partner in establishing the Saudi Heritage Hospitality Company by investing in 20 per cent of the company’s capital equivalent to five million shares valued at 50 million Saudi riyals.
Speaking of the formation of the organization, Dr. Nasser bin Aqeel Al Tayyar, Deputy Chairman & President of Al Tayyar Travel Group Holding stated, “Work is underway to complete the IPO and the deal will be funded from the group’s own resources. The financial impact will be evident and subscriptions will commence after the company is established as determined by the Board of Directors and the General Assembly for operational projects.”
Headquartered in Riyadh, the traditional hospitality company is a closed joint stock company under the foundation of the Saudi Commission for Tourism and Antiquities with a capital of 250 million Saudi Riyals and is working towards the development and investment in state-owned heritage structures.
Dr. Nasser Al Tayyar also added, “The group’s keenness in investing in the Saudi Heritage Hospitality Company as a founding partner is in line with our interest to develop traditional tourism and real estate sectors in the Kingdom. The focus has been on investing in promising sectors experiencing fast growth. This investment helps us in expanding our operations and serving our customers with excellent services. Al Tayyar Travel Group Holding will continue to scout for opportunities in travel, tourism and hospitality sectors as we strongly believe these sectors play a significant role in contributing to the overall economic development of the Kingdom of Saudi Arabia under the patronage and leadership of the custodian of the two Holy Mosques King Abdullah bin Abdul Aziz Al Saud.”
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