A contract to set up the Saudi Company for Heritage Hospitality, which was recently announced by the Saudi Commission for Tourism and Antiquities (SCTA), has been signed.

The deal was signed by representatives of agencies and companies that have contributed to the establishment of the company, including Public Investment Fund (PIF), Taiba Holding Company, DUR Hospitality Company, Al-Tayyar Travel Group Holding, Riyadh Reconstruction Company, and Jeddah Development and Urban Regeneration Company

PIF Secretary General Abdulrahman Al-Mufdhi said: "The fund's contribution to the company came as a result of the economic feasibility for the development of heritage buildings in the Kingdom and convert them into tourist hotels and resorts."

SCTA Chairman Prince Sultan bin Salman said the company will work jointly with handicraft and traditional craft program to develop artisans' skills in construction, building and decoration works, provide food, and develop new products for the domestic market.

"The company's capital is SR250 million, and it will be converted later into be public shareholding," said Prince Sultan bin Salman, adding that it will establish subsidiary companies to participate with local investors to build heritage hotels and resorts.

Prince Sultan stated that the SCTA has, in cooperation with specialized consulting office, prepared a feasibility study for establishing hospitality heritage facilities in four sites.

"The study confirmed the benefit of establishing the company and its proposed projects," Prince Sultan added, pointing out that the Saudi company will select additional sites to implement more projects after its board formation.