MIAMI: Executives announced at the Future Investment Initiative annual conference in Miami on Thursday the launch of AYARA, a hospitality platform and business partnership that plans to develop a network of 50 international, brand-name business hotels across Saudi Arabia by 2029.
The $1 billion deal was signed by Patel Family Office, a US investment enterprise based in Dallas, Texas, and Abdel Hadi A. Al-Qahtani and Sons, a Saudi industrial conglomerate, who said they expect the project to help strengthen the Kingdom’s continuing economic growth.
“As Saudi Arabia opens its doors to the world, its tourism and infrastructure expansion is attracting increasing global attention,” said Lakshmi Narayanan, Patel Family Office’s vice chairperson and managing partner, in a joint statement issued by the companies at the FII event.
“The Kingdom’s transformation is creating a new category of demand for reliable, practical and standardized business hospitality.
“Platforms like AYARA, combining global expertise with local execution, will play a critical role in meeting that demand. AYARA is positioned to become a foundational hospitality infrastructure platform supporting Saudi Arabia’s next phase of economic growth.”
Abdulmalik Tariq Al-Qahtani, the CEO of Abdel Hadi A. Al-Qahtani and Sons, and chairperson of its affiliated company ATQ Hospitality Group, said: “It requires new partnerships and new approaches to deliver economic transformation at the unprecedented scale we are seeing in Saudi Arabia.
“By integrating construction, procurement and hotel operations in the AYARA platform, we are establishing a new standard for development speed and efficiency.” More
By Ray Hanania
