US-based Patel Family Office and Dammam-headquartered Abdel Hadi A. Al-Qahtani & Sons (AHQ) have signed a $1 billion deal to develop 50 business hotels across Saudi Arabia by 2029.

Under the terms of the deal, Patel Family Office will collaborate with Abdelmalik Tariq Al-Qahtani Company (ATQ) Hospitality Group, an affiliate within AHQ, to launch and operate AYARA, the company said in a joint statement.

 The deal was signed at the FII Priority Summit in Miami.

AYARA will serve corporate travelers, project teams, consultants and regional headquarters across Saudi Arabia. Its vertically integrated platform will combine strategic land acquisition, modular construction, in-house furniture and fixtures manufacturing and hospitality management.

By 2029, AYARA is expected to deliver between 5,000 and 7,000 rooms across key economic corridors, including Riyadh, Jeddah, Dammam and emerging development zones such as NEOM and the Red Sea region.

Patel Family Office will lead the hospitality strategy for the portfolio and management of the hotel network, while AHQ will support development.

ATQ Hospitality Group will establish partnerships with international hotel brands to operate the 50-hotel network.

Under its Vision 2030 programme, Saudi Arabia aims to attract over 150 million visitors annually by 2030 as it seeks to diversify its economy beyond oil.

The Kingdom will also host major international events, including Expo 2030 and the FIFA World Cup 2034, which are expected to catalyse an upsurge in demand from tourists and business travelers.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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