Saudi Arabia’s Knowledge Economic City (KEC) has announced that it has signed a joint venture agreement with Archipelago International Indonesia, a leading hotel management group in Southeast Asia, to establish a hotel management and operations company.
As per the deal, Archipelago will manage and operate hotels within KEC and may undertake additional hotel management activities elsewhere in Saudi Arabia subject to mutual agreement, said KEC in its filing to Saudi bourse Tadawul.
The duration of the venture will be set in the company’s Articles of Association once it is formed, it stated.
Founded in 1997, Archipelago International Indonesia is Southeast Asia's largest privately owned hotel management group, with more than 45,000 rooms and residences in over 200 locations across Latin America, the Caribbean, the Middle East, and Oceania.
A trusted hotel company with a long track record and award-winning brands including Aston, The Royal Alana, Huxley, Kamuela, Avanika, Harper. Archipelago is now moving into other markets across the globe such as Australia, the Middle East, and South America.
KEC said the partnership aims to strengthen its capabilities in hotel and hospitality facilities management and support the development of a new brand to enhance quality and sustainability across its hospitality portfolio.
On the financial impact, KEC said it will be reflected in its share of profits from operating revenues generated through hotel management.-TradeArabia News Service
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