Seera inks MoU with Tourism Development Fund to finance hotels

Seera Group Holding inked a six-month memorandum of understanding (MoU), on Sept. 27, with the Tourism Development Fund to finance the development of a number of hotels across the Kingdom.

The hotels will comprise more than 1,000 rooms, and will be located in Riyadh, Jeddah, Al Bahah, Abha, Taif, Al-Jouf, Hail and AlUla, the company said in a bourse filing.

Under the MoU, Seera will build mid-range hotels that will include restaurants, cafes and entertainment venues.

Seera said there is no relevant financial impact.

The move complements the partnership between the Tourism Fund and the private sector companies, along with helping boost investments in the tourism sector.

It is also in line with the Kingdom’s strategy that aims to provide job opportunities, increase tourism industry’s contribution to the gross domestic product (GDP), raise the number of tourists and launch new tourist projects.

The MoU also supports Seera’s strategy to expand Choice Hotels International across the Kingdom.