Saudi heritage company formed

The Saudi Commission for Tourism & Antiquities (SCTA), a state agency chaired by Prince Sultan Bin Salman, signed an agreement yesterday for the creation of a new company to promote investment in heritage buildings in the kingdom.

The Saudi Company for Heritage Hospitality will have capital of SR 250 million ($68 million). Plans call for the company to be converted in due course into a public joint stock company.

The shareholders include the Public Investment Fund, Dur Hospitality and the Jeddah Development & Urban Regeneration Company.

Initial plans call for the creation of heritage centres in four sites. More are envisaged, the SCTA says.

Prince Sultan is son of King Salman.