Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Board of Directors of the Public Investment Fund announced today, Thursday, the launch of the “Boutique Group”.
The group aims to develop, manage and operate a series of famous historical and cultural palaces in the Kingdom and transform them into ultra-luxury boutique hotels, to revive the national heritage vibrant with the authentic culture of the Kingdom.
In cooperation with the private sector, the first phase of the project aims to develop three historical destinations: Al Hamra Palace in Jeddah, which will include 77 rooms, including 33 luxury suites and 44 luxury villas, and Tuwaiq Palace in Riyadh, which will include 96 rooms, including 40 luxury suites and 56 luxury villas, in addition to The Red Palace in Riyadh, which will contain 71 rooms including 46 luxury suites and 25 luxury guestrooms.
The “Boutique Group” will blend the authenticity of the cultural and heritage values of the Kingdom with the modern lifestyle, to provide an exclusive hospitality experience that enriches the ultra-luxury hospitality sector in the Kingdom, thus contributing to the development of the local economy.
The company will provide many prestigious options for the finest international restaurants, provide an atmosphere for relaxation in the latest recreation centers, and other exclusive and special services for each guest.
The Governor of the Public Investment Fund, Yasser Al-Rumayyan, said: “His Highness the Crown Prince’s launch of the “Boutique Group” confirms the role of the Public Investment Fund in developing promising sectors in the Kingdom, and contributing to achieving the fund’s objectives to diversify the Saudi economy.”
He added, “The launch of the group will contribute to diversifying tourism opportunities in the Saudi market, and enhance the Kingdom’s position regionally and internationally as a leading tourism and cultural destination in line with the objectives of the Kingdom’s Vision 2030.”