The Public Investment Fund (PIF) has unveiled Adeera, a new hotel management company set to elevate the standards of the Saudi hospitality sector.

Wholly owned by PIF, the company is dedicated to operating and managing hotels that blend global industry standards with traditional Saudi hospitality.

PIF local real estate portfolio co-head Khalid Johar said: “The launch of Adeera comes at a pivotal time when Saudi Arabia is expanding its hospitality and tourism offerings.

"The company has the opportunity to grow the sector by introducing new hotel brands as the country is establishing itself as a major tourism destination. Adeera’s unique focus on Saudi culture and traditions will provide a distinctive edge.”

Adeera is poised to play a role in nurturing local talent and expertise.

It plans to establish new Saudi hotel brands and improve the sector's capacity through training programmes and skills development, in collaboration with international hospitality experts.

As the country strengthens its position as a tourism destination, Adeera’s range of unique Saudi hotel brands will cater to various market segments, from mid-range to ultra-luxury.

The company's strategy includes unlocking new business opportunities and emphasising the Saudi hospitality experience while partnering with hotel developers to bolster the local private sector's contribution.

The creation of Adeera underscores PIF's commitment as a catalyst in the development of Saudi Arabia's strategic sectors, aimed at fuelling economic growth and diversification.

This initiative is in line with PIF's recent investments in the tourism and real estate sectors such as the Boutique Group, which transforms historic and cultural palaces into luxury boutique hotels, the agri-tourism firm Dan, and the tourism investment entity Asfar.

With the National Tourism Strategy, Saudi Arabia aims to attract 150 million visitors annually and have tourism account for 10% of the nation's GDP by 2030.