The Ministry of Investment of Saudi Arabia (MISA), Regal Hotels Group and Cosmopolitan International Group have signed a Memorandum of Understanding (MoU) to jointly explore a strategic partnership in hotel development and management.
The MoU aims to establish a non-exclusive framework for cooperation and collaboration between the parties to promote green tourism and hotel management projects in Mainland China, Saudi Arabia, and Hong Kong.
A key objective of the MoU is to acquire, own, develop, and manage a network of sustainable hotels, serviced apartments, and centers of innovation under the “iclub” brand of Regal Hotels.
This initiative also aims to foster tourism, innovation, and technology exchange between China and the Kingdom of Saudi Arabia.
Regal Hotels is committed to proptech and the development of green and sustainable hospitality and real estate projects.
Cosmopolitan expects to contribute its experience in project management of real estate and hotel development projects in Mainland China and Hong Kong.
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Furthermore, the companies will evaluate opportunities to invest in an asset management platform through joint ventures, investment funds, and/or publicly listed companies in Saudi Arabia and/or Hong Kong.
MISA’s deputy minister of investment Saleh Al-Khabti explained: “This MoU is another step forward in our plans to continuously assess ways and means of building our presence in the tourism, innovation, and sustainability sectors. Tourism is a key sector of investment as we drive towards Vision 2030 in Saudi Arabia.”
Regal Hotels vice chairman and managing director Poman Lo added: “With a preliminarily estimated size of USD$5 billion for the MISA partnership, we are excited to explore partnership opportunities with both public and private investors.”