DUBAI: OYO Hotels & Homes signed an MoU with Saudi Arabia’s Public Investment Fund, which reiterates OYO’s commitment to the Kingdom and the business potential it sees in the market. OYO Hotels & Homes also confirmed the launch of its operations in Saudi Arabia. It is also noteworthy that OYO is one of the first Public Investment Fund and SoftBank Vision Fund backed company to launch operations in Saudi Arabia.
With a string of over 50 signed full-inventory – franchised exclusive hotels and over 3,000 rooms in 7 cities in KSA, OYO Hotels is ready to offer the benefits of its full-stack technology led hospitality model to hoteliers in the country. The hospitality sector in Saudi Arabia, a significant beneficiary of the Saudi government’s measures aimed at bolstering business networks through its focus on pilgrims, sports and entertainment. According to report released ahead of the Arabian Travel Market 2018 (ATM), Saudi Arabia is slated to see about 13.5% compound annual growth rate (CAGR) by 2022. OYO, therefore, aims to partner in the Saudi Government’s 2030 vision and will be working towards transforming the hospitality industry in the region.
At the time of entry, OYO Hotels & Homes will offer guests, a standardized experience – perfectly suited for the needs of millennial travelers, seeking high-quality accommodation. These properties will be operated under the franchise model, with full inventory control similar to other markets like India and China. These hotels will provide affordable and trusted living options for travelers from GCC countries, India and other International tourists, including business and pilgrimage travelers.
OYO obtained its foreign investment license from SAGIA a few months ago and plans to invest significantly in Saudi Arabia, and expand to over 17 cities across 6 provinces by 2020.