Prince Sultan bin Salman, chairman of the Saudi Commission for Tourism and Antiquities (SCTA), said that Uqair Development Company is ready for launching. It awaits the signing of the relevant contract.
“The shareholders deposited 25 percent of the SR500 million incorporation cost, and the SCTA has completed all technical and legal procedures to present the project to the Cabinet for its final approval,” he said. After signing the Saudi Company for Heritage Hospitality’s contract last Sunday, Prince Sultan said that the World Bank has praised the project and its operational procedures followed by the commission during various stages. The World Bank stressed that the project has been studied and examined well. Prince Sultan said Custodian of the Two Holy Mosques King Salman, who supported this project since its initiation, is looking forward to its launch.
“This development project is considered as the first integrated tourist destination with many resorts and tourism projects,” Prince Sultan said, pointing out that 19 investors of funds and joint stock companies in the public and private sectors subscribed to the entire capital of SR2.71 billion.
He pointed that the Kingdom has allocated SR1.4 billion to implement the infrastructure requirements (electricity, water, drainage),and the concerned authorities have completed the detailed plans for these facilities, including seawater desalination plant, sewage treatment plant, high-voltage lines for electricity supply, and main and subsidiary switching stations.
Prince Sultan added that the heritage hospitality company is the first project launched by the SCTA, and was preceded by Uqair Development Company. The SCTA chairman extended his patronage on Sunday to the signing of a contract to set up the Saudi Company for Heritage Hospitality. The deal was signed by representatives of agencies and companies that have contributed to the establishment of the company, including Public Investment Fund (PIF), Taiba Holding Company, DUR Hospitality Company, Al-Tayyar Travel Group Holding, Riyadh Reconstruction Company, and Jeddah Development and Urban Regeneration Company.