The Ministry of Finance and National Economy is considering the possibility of selling government stakes in five-star hotels in Riyadh, Makkah, Madinah and Taif, a report said.
The Arab News said the state-owned InterContinental hotels in Riyadh, Makkah and Taif and Sheraton hotels in Madinah and Hada, Taif, will be sold to private investors.
The move comes after the Council of Ministers last month approved a list of 20 major economic sectors, including the hospitality sector, for privatisation.
The sale of the hotels will probably be done either through public auction, by establishing a company for the hotels or merging the hotels with a real estate company. The ministry may also invite investors to purchase government shares in these hotels, report said.
The report stated that the door was open for foreign investors in all sectors not included in the "negative list".
TTN is the most established trade publication in the Middle East distributed on a controlled circulation basis to members of the travel and tourism industry.
Published monthly by Al Hilal Publishing and Marketing Group, the region’s foremost trade publisher, TTN is aimed at professionals in the industry, from travel agents to airline and hotel personnel.
TTN provides in-depth and extensive coverage of relevant issues in the Middle East and North Africa as well as in other parts of the world. Travel related news, analysis, and new appointments together with information on up-coming exhibitions, marketing and promotional campaigns are presented in an innovative and striking colour tabloid.
Every issue also contains a collation of international and regional news and topical features of interest to readers.