OYO launches operations in Saudi Arabia
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OYO Hotels & Homes has announced the start of its operations in Saudi Arabia on the sidelines of the Saudi-Indian Forum. OYO welcomes King Salman bin Abdulaziz Al Saud, and his delegation of reputed leaders from the Kingdom of Saudi Arabia who are travelling to India. Reiterating its commitment to the Kingdom of Saudi Arabia, OYO also signed an MoU with the Public Investment Fund, Saudi Arabia attesting to the business potential it sees in the market.
Starting with over 50 signed full-inventory - franchised exclusive hotels and over 3,000 rooms in 7 cities in Saudi, OYO Hotels is ready to offer the benefits of its full-stack technology led hospitality model to hoteliers in the country. These properties will be operated under the franchise model, with full inventory control similar to other markets like India and China; provide affordable and trusted living options for travelers from GCC countries, India and other International tourists, including business and pilgrimage travelers.
OYO’s presence now expands to 9 countries, i.e. India, Nepal, China, Malaysia, Indonesia, UAE, UK, Philippines and the Kingdom of Saudi Arabia.
Commenting on OYO’s entry into the Saudi Arabia, Governor of the Saudi Arabian General Investment Authority (SAGIA) Ibrahim bin Abdul Rahman Al-Omar, said, “It is also noteworthy that OYO is one of the first Public Investment Fund of Saudi Arabia and SoftBank Vision Fund backed company to start operations successfully in Saudi Arabia, with the support of Prince Mohammed bin Salman, the Public Investment Fund and Saudi Arabia’s General Investment Authority (SAGIA). The company 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.”
Commenting on the developments, Ritesh Agarwal, Group CEO and Founder, OYO Hotels & Homes, said, “We believe OYO hotels is re-engineering quality living spaces for the world and has emerged as the dependable hospitality brand of choice. We are humbled and happy to bring this standardized quality experience to the Kingdom of Saudi Arabia where millions of people undertake the pilgrimage of a lifetime.”