Saudi Hospitality Heritage Company

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Saudi Hospitality Heritage Company

 
Establishment of the Saudi Hospitality Heritage Company (CHP) falls under the objectives of King Abdullah Project for Caring of Kingdom's Cultural Heritage, which aims to preserve and develop the national cultural heritage and raise publicize awareness locally and internationally, highlighting the cultural dimension of Saudi Arabia through the ages.​​
 
Company Establishment Steps:
  • Council of Ministers approved under resolution (93) dated 1/4/1434 (11 February 2013), on the request of SCTH the State, represented by Public Investment Fund (PIF) to enter as a shareholder in the heritage hotels project by establishing a holding company to develop and invest in heritage buildings and traditional hospitality.
  • SCTH prepared a feasibility study for the establishment of the company assuming establishing heritage hospitality facilities at four sites, namely Samhan Neighborhood in Al Daryiah, Historic Jeddah, Al Ula, and Al Ahsa. The study recommended establishment of the company and its proposed projects with a capital of SR 250 million.
  • SCTH offered a private placement of company's capital targeting private joint stock companies that work in the hospitality industry and development of urban​ heritage sites and tourism successfully. The private placement was closed on 31st December 2014, during which, the submitted requests contributed to over 125% of the value of capital.
 
Founding Shareholders:

Founding shareholders are: Public Investment Fund (PIF), Taiba Holding Company, Dur Hospitality, Al-Tayyar Real Estate and Development Co., Riyadh Development Company, and Jeddah Development and Urban Regeneration Company (Jedrick).
 
Objectives:
  • Establishment and management of heritage​ tourist accommodation facilities, and traditional hospitality facilities.
  • Preparation of traditional hospitality identity to be known internationally, taking advantage of the Kingdom's unique heritage assets.
  • Highlight the value of Kingdom’s genuine heritage.
  • Pave way for the luxury heritage​ hospitality experience, while enjoying the elements of urban and popular heritage, and develop traditional materials and construction methods, in line with the traditional hospitality of high quality facilities.
  • Stimulate tourism in the provinces with tourism potential.
  • Create sustainable partnership between the public and private sectors in the development of heritage tourism including:
o    Manufacture and provide banquet facilities of traditional dishes
o    Manufacturing and marketing of traditional crafts and industries
o    Undertaking architectural design and procedure of heritage buildings
o    Renovation, development and manufacturing of construction materials and heritage​ tools.

Web databases for shareholders
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Shareholding company                                                                   Company website
Al-Tayyar Real Estate and Development Co.            http://www.altayyargroup.com
Jeddah Development and Urban Regeneration Company (Jedrick)​    http://www.jdurc.com