OYO to invest $1bn in Saudi Arabia

Ibrahin bin Abdul Rahman Al-Omar, SAGIA Governor

OYO founder Ritesh Agrawal invests $1bn in Saudi Arabian luxury hospitality industry — OYO founder Ritesh Agrawal invests $1bn in Saudi Arabian luxury hospitality

OYO to invest $1bn investment in Saudi Arabia creating jobs for over 5000 Saudi citizens by 2020.

OYO has obtained its foreign investment licence from Saudi Arabian General Investment Authority (SAFIA) according to Ibrahin bin Abdul Rahman Al-Omar, SAGIA Governor. and Manu Midha will head OYO’s operations in the region. The company has partnered with 50 hotels in seven cities for the launch and plans to expand to 17 cities across 6 provinces by 2020.

OYO founder and Group CEO Ritesh Agrawal said the expansion is in line with company’s quest to support Saudi Arabia’s growing hospitality ecosystem and creating infrastructure for asset owners to grow and run successful businesses – all of this while ensuring high standards of quality.

With Saudi Arabia, OYO is now present in nine countries including India, China, Malaysia, Nepal, UK, UAE, Indonesia, the Philippines and Saudi Arabia.