Back in February, Saudi kingdom’s Public Investment Fund (PIF) signed a memorandum of understanding with OYO Hotels & Homes to tap co-investment opportunities, create new jobs and augment hospitality sector in Saudi Arabia.
OYO CEO, Ritesh Agarwal has recently stated that the OYO and PIF will be able to meet the target of creating 5,000 jobs for Saudis earlier than expected.
In an interview with Arabian Business, Ritesh has stated…
“We look at Saudi as a very strategic growth market. The partnership is very special for us and we want to continue to go deeper.”
“We’re in markets where having a great quality experience at the right price point really matters.”
He also affirmed that OYO and PIF together have already created significant amount of jobs for locals and will be able to exceed 5,000 jobs by second quarter of 2020.
“We have promised to create over 5,000 Saudi jobs by the end of next year. We feel that we’ll exceed that by the second quarter.”
OYO’s expansion in Middle East
OYO currently manages over 80 buildings and properties in over 10 Saudi cities, including the capital and financial hub Riyadh, Jeddah, Dammam, Taif and Abha.
In an interview with Arabian Business in June, Manu Midha – Regional Head of OYO said, since Oyo was launched in the UAE last year it has welcomed 100,000 guests from 78 countries across 1,700 rooms in over 80 hotels in UAE. And aims to be managing 12,000 rooms in 150 hotels by 2020.
Founded in 2013 by Ritesh Agarwal, operational in 881 cities around the world, with approximately 850,000 rooms in over 23,000 hotels. Now being considered as the third largest hospitality chain in the world. And aims to be the world’s largest chain by 2023.