Saudi Crown Prince-led PIF signs MoU with Indian hotel tech firm Oyo
Indian hospitality services and tech start-up to collaborate with sovereign wealth fund on co-investment opportunities
Saudi Arabia’s Crown Prince Mohammed Bin Salman-led sovereign wealth vehicle, Public Investment Fund (PIF), has signed a memorandum of understanding with Indian hospitality services and technology start-up Oyo.
PIF and Oyo’s MoU will see both organisations exploring opportunities for co-investment and cooperation, in line with the sovereign wealth fund’s aim to diversify the Saudi Arabian economy.
Working with Oyo is expected to help Saudi Arabia localise skills, create more jobs, and develop “new sectors”, according to state-held press agency, SPA.
Oyo’s network of hotels in Saudi Arabia includes Riyadh’s 11 listed properties, according to its website, with the company also present in Dubai, Sharjah, Fujairah, and Ras Al Khaimah.
The Indian company is separately also working with Saudi Arabia’s Ministry of Hajj and Umrah to deliver its OS and Krypton technologies in a bid to improve services in the Holy Cities of Makkah and Madinah during Umrah and Hajj, which in 2019 will begin around 9 August.
SPA said Oyo represents “a strong international partner for PIF”, which has already unveiled numerous gigaprojects to develop Saudi Arabia’s tourism and hospitality sectors.
It is hoped that Oyo’s expertise in hospitality technology will also support localisation and technical knowhow improvements in Saudi Arabia, SPA added.