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Experts: Launch of ‘Boutique Group’ Enhances Tourism Gains by Reviving Heritage

Photo shows the newly announced Boutique Group logo against the backdrop of a luxurious-looking building. January 20, 2022. (PIF)
Photo shows the newly announced Boutique Group logo against the backdrop of a luxurious-looking building. January 20, 2022. (PIF)
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Experts: Launch of ‘Boutique Group’ Enhances Tourism Gains by Reviving Heritage

Photo shows the newly announced Boutique Group logo against the backdrop of a luxurious-looking building. January 20, 2022. (PIF)
Photo shows the newly announced Boutique Group logo against the backdrop of a luxurious-looking building. January 20, 2022. (PIF)

Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled ‘Boutique Group’ to develop historical palaces into luxury boutique hotels, the Kingdom’s Public Investment Fund (PIF) announced on Thursday.

Boutique Group is a “a new hospitality brand that 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 PIF announced in a statement on Thursday.

Specialists assured Asharq Al-Awsat that the project enhances the Kingdom’s tourism level both regionally and internationally.

They indicated that PIF is witnessing qualitative leaps in terms of projects that aim to diversify the country’s sources of income.

Majed Al Hokair, General Manager and CEO of Abdul Mohsin Al Hokair Company, told Asharq Al-Awsat that the launch of the Boutique Group by the Crown Prince is an important step towards enhancing tourism in Saudi Arabia.

It does so by offering unique quality projects that enable visitors to have a different and attractive experience that reflects the country’s position as a leading tourist and cultural destination.

Hokair added that PIF is moving towards its goals in launching mega projects that contribute to the development of the local economy and diversify the country’s sources of income.

Developing historical and cultural palaces in Saudi Arabia and transforming them into ultra-luxury boutique hotels is an important step to diversify the opportunities that the tourism market enjoys, Hokair clarified.

The CEO pointed out that this experience exists in many countries of the world and has the advantage of living in historical sites, while at the same time reviving heritage places that reflect the authentic Saudi character.

The first phase of the project will focus on the development of three palaces including al-Hamra Palace in Jeddah, Tuwaiq Palace and Red Palace in Riyadh.

Al-Hamra Palace will reportedly offer 77 keys, including 33 luxury palace suites and 44 luxury villas in Jeddah. Tuwaiq Palace will provide 96 keys of 40 luxury palace suites and 56 luxury villas. Whereas Red Palace will offer 71 keys, including 46 luxury suites, and 25 luxury guest rooms.

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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)

Egypt and the International Monetary Fund (IMF) have agreed to review their joint credit facilitation program to ensure that no additional burdens are placed on citizens.

Egyptian Prime Minister Mostafa Madbouly reiterated the government’s commitment to “maintaining a flexible exchange rate in coordination with the central bank to safeguard the progress achieved in this area.” He expressed hope that the meetings with the IMF delegation in the coming days would “conclude the fourth review of the economic reform program.”

Following a meeting on Sunday between President Abdel Fattah al-Sisi and IMF Managing Director Kristalina Georgieva in Cairo, the Egyptian Presidency announced that Georgieva expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments.”

In March, Egypt signed an $8 billion extended financial support package with the IMF, which requires reducing subsidies on fuel, electricity, and essential goods and allowing the Egyptian pound to float.

In late October, Sisi warned that his government might need to reassess its program with the IMF if international institutions do not account for the extraordinary regional challenges the country is facing. He cited a nearly 60% drop in Suez Canal revenue due to security tensions in the Red Sea as an example.

During the meeting with Georgieva, Sisi expressed Egypt’s commitment to continuing its cooperation with the IMF, building on progress to boost economic stability and reduce inflation. However, he stressed the need to acknowledge recent challenges Egypt has faced due to regional and international crises, which have impacted foreign currency reserves and budget revenues.

Sisi reiterated that the government’s primary focus is on alleviating pressures on citizens, particularly by controlling inflation and curbing rising prices, while also continuing efforts to attract investments and empower the private sector to drive employment and growth.

Georgieva, in turn, commended Egypt’s recent efforts and the reform program being “carefully implemented with a focus on the most vulnerable.” She highlighted the progress in macroeconomic indicators despite unprecedented current challenges, noting that this has been reflected in positive assessments from international credit rating agencies, improved credit ratings, and increased investments.

She expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments” and emphasized the IMF’s commitment to working with the Egyptian government to identify optimal reform paths.