Riyadh, January 20, 2022, SPA -- His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, Chairman of the Council for Economic and Development Affairs, and Chairman of the Public Investment Fund (PIF), announced today the launch of ‘Boutique Group’, 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 first phase of the project will focus on the development of three historic palaces in cooperation with the private sector, including Al Hamra Palace that will offer 77 keys including 33 luxury palace suites and 44 luxury villas in Jeddah. Tuwaiq Palace will provide 96 keys including 40 luxury palace suites and 56 luxury villas. Whereas Red Palace will offer 71 keys including 46 luxury suites, and 25 luxury guest rooms. Both Tuwaiq and Red palace are located in Riyadh. Boutique Group will blend the Kingdom's culture and heritage with modern amenities to provide an exclusive hospitality experience and a unique service to its guests, growing the Saudi ultra-luxury hospitality sector and contributing to the development of the local economy. The company will also offer many high-end experiences from dining to wellness to exclusive services for each guest. On this occasion, Governor of PIF Yasir Al-Rumayyan said, “His Royal Highness the Crown Prince's launch of the Boutique Group underlines PIF’s mandate to unlock the capabilities of promising sectors in Saudi Arabia that can help drive the diversification of the economy and contribute to non-oil GDP growth. “The group will enhance the Kingdom’s already unique tourism offerings, strengthening Saudi Arabia’s position as a leading regional and international tourism and cultural destination and contributing to Saudi Vision 2030,” the Governor added. --SPA 14:09 LOCAL TIME 11:09 GMT 0009 www.spa.gov.sa/w1680895