Mr. Ahmad F.Jamal, Mr. Ayidh Alyami, Ms. Poman Lo, and Mr. Jimmy Lo signing the MoU. Credit: prnewswire.

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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.

See Also:

Cosmopolitan expects to contribute its experience in project management of real estate and hotel development projects in Mainland China and Hong Kong.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”