AYARA is a hospitality platform and business partnership that seeks to establish a network of fifty international, brand-name business hotels across Saudi Arabia by the year 2029. The announcement was made by executives during the annual conference of the Future Investment Initiative, which took place in Miami on Thursday.
Patel Family Office, a United States investment firm with headquarters in Dallas, Texas, and Abdel Hadi A. Al-Qahtani and Sons, a Saudi industrial conglomerate, struck an agreement for one billion dollars. Both parties have stated that they anticipate the project to contribute to the continued expansion of the Kingdom’s economy.
Lakshmi Narayanan, vice chairwoman and managing partner of Patel Family Office, was quoted as saying, “As Saudi Arabia opens its doors to the world, its tourism and infrastructure expansion is attracting increasing global attention.” This statement was included in a joint statement that was published by the firms at the FII event.
Platforms such as AYARA, which combine global expertise with local execution, will play an essential role in the provision of services to satisfy that demand. AYARA is in a position to become a foundational platform for the hospitality infrastructure that will support the next phase of economic expansion in Saudi Arabia.
In a statement, Abdulmalik Tariq Al-Qahtani, the Chief Executive Officer of Abdel Hadi A. Al-Qahtani and Sons and the chairwoman of the firm that is linked with it, ATQ Hospitality Group, stated, “In order to deliver economic transformation on the unprecedented scale that we are witnessing in Saudi Arabia, it is necessary to establish new partnerships and new approaches.”
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