Al-Tayyar to help set up Saudi Heritage Hospitality Company

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 percent of the company’s capital equivalent to five million shares valued at SR50 million.
Nasser bin Aqeel Al-Tayyar, deputy chairman and president of Al-Tayyar Travel Group Holding stated: “Work is under way 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 Saudi Commission for Tourism and Antiquities with a capital of SR250 million and is working toward the development and investment in state-owned heritage structures.
Al-Tayyar 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.”