Hospitality firm OYO Wednesday said it has launched operations in Saudi Arabia with the signing of deals for 50 hotels having more than 3,000 rooms across seven cities. These properties will be operated under the franchise model with full inventory control similar to other markets like India and China, OYO said in a statement.
The company plans to create jobs for over 5,000 Saudi citizens by 2020. It also plans to set up two OYO Skill Institutes, one in Riyadh and another in Jeddah to train Saudi graduates in hotel management, it added. OYO has also signed a memorandum of understanding (MoU) with the Public Investment Fund, Saudi Arabia, attesting to the business potential it sees in the market there, the statement said.
“We are honored and delighted to support the Saudi government’s vision 2030 for the Kingdom of Saudi Arabia and are committed to continuing investing in the multi-billion dollar opportunity in the hospitality industry in the country,” Agarwal said.
With this launch, OYO is now present in nine countries — India, Nepal, China, Malaysia, Indonesia, the UAE, the UK, Philippines and Saudi Arabia.
The company currently has over 13,000 franchised or leased hotels and over 6,000 homes as a part its network.