(MENAFN) Saudi Public Investment Fund (PIF) and Indian OYO Hotels & Homes penned a memorandum of understanding on the establishment of more hotels in Saudi Arabia.
Both sides signed the expansion agreement on the sidelines of the Saudi-Indian Forum of which the Saudi Arabian Government Investment Authority (SAGIA) coordination.
SAGIA Governor Ibrahim Al-Omar unveiled that "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 six provinces by 2020."
Saudi Arabia is already hosting more than 50 signed full-inventory franchised exclusive hotels featuring at least 3,000 rooms within 7 Saudi cities.
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