PIF launches Adeera to develop distinct new Saudi hospitality brands

Adeera, a wholly owned PIF company, will be a national champion, leading the Saudi hospitality sector and enhancing local talent and expertise, the Kingdom’s sovereign wealth fund said in an emailed statement to Argaam today, Dec. 10.

The new firm aims to build new world-class Saudi hotel brands and to enhance the capacity of the local sector by launching programs for training and skills development, in cooperation with international hospitality specialists.

At a time when Saudi Arabia is cementing its place as a major tourism destination, the company seeks to introduce a portfolio of distinctive Saudi hotel brands, serving various segments from mid-range to ultra-luxury, for different categories of visitor. It will unlock new business opportunities, focusing on the Saudi hospitality experience, working with hotel developers to maximize the contribution from the local private sector, the PIF added.

Khalid Johar, Co-head of Local Real Estate Portfolio at PIF, said: “The launch of Adeera comes at a pivotal time when Saudi Arabia is expanding its hospitality and tourism offerings.

The company has the opportunity to grow the sector by introducing new hotel brands as the country is establishing itself as a major tourism destination. Adeera’s unique focus on Saudi culture and traditions will provide a distinctive edge.”

The establishment of Adeera underlines PIF's role as an industry enabler in developing Saudi Arabia's strategic sectors, driving economic growth and diversification.