Riyadh, Saudi Arabia – The Public Investment Fund (PIF) has announced the launch of Adeera, a new hotel management company aimed at developing and operating a diverse range of hotel brands across Saudi Arabia. This strategic move is part of the Kingdom's broader efforts to diversify its economy and position itself as a global tourism hub.

Adeera will focus on creating unique and authentic Saudi hospitality experiences, catering to a wide range of travelers. The company will collaborate with local developers to build a portfolio of hotels that showcase the Kingdom's rich cultural heritage and modern amenities.

"Adeera is well-positioned to capitalize on the growing demand for high-quality hospitality experiences in Saudi Arabia," said Khalid Johar, co-head of PIF's Local Real Estate Portfolio. "By developing innovative hotel brands and prioritizing the unique Saudi experience, we aim to attract both domestic and international visitors."

The launch of Adeera aligns with Saudi Arabia's ambitious National Tourism Strategy, which seeks to attract 150 million visitors annually by 2030. PIF's investments in the tourism sector, including Boutique Group, Dan, and Asfar, are crucial to achieving this goal.

The Kingdom's hotel industry has witnessed significant growth in recent months, with hotel spending increasing by 11.4% week-on-week in November. This positive trend highlights the growing demand for high-quality accommodations and the potential for further growth in the sector.

By establishing Adeera, PIF is taking a proactive step to shape the future of Saudi Arabia's hospitality industry. The company's focus on innovation, sustainability, and local partnerships will contribute to the Kingdom's economic diversification and enhance its global reputation as a premier tourism destination.