PIF Creates Boutique Group to Spur Tourism Drive
Posted on 01/20/2022
Saudi Arabia’s Public Investment Fund (PIF) created the Boutique Group. The Boutique Group, a new hospitality brand, seeks to develop three palaces in Saudi Arabia. These are the Al Hamra Palace in Jeddah, Tuwaiq Palace and Red Palace in Riyadh. The Boutique Group will manage and convert a collection of iconic historic and cultural palaces in Saudi Arabia into ultra-luxury boutique hotels. The company will revive the vibrant heritage and culture of Saudi Arabia to create a new and unique hospitality experience. The first phase of the project will focus on the development of three historic palaces in cooperation with the private sector, including Al Hamra Palace that will offer 77 keys including 33 luxury palace suites and 44 luxury villas in Jeddah. Tuwaiq Palace will provide 96 keys including 40 luxury palace suites and 56 luxury villas. Whereas Red Palace will offer 71 keys including 46 luxury suites, and 25 luxury guest rooms. Both Tuwaiq and Red Palace are located in Riyadh.
Tuwaiq Palace is a building in Riyadh, Saudi Arabia, which hosts government functions, state receptions, and cultural festivals that introduce Saudi arts and customs to the international community. It was built in 1985 by OHO Joint Venture, a team composed of Frei Otto, Buro Happold, and Omrania.
