India's Oyo Hotels eyes Saudi expansion, says CEO
Oyo CEO Ritesh Agarwal said that the firm believes it will hit its goal of creating 5,000 jobs for Saudis
India’s Oyo Hotels & Homes hopes to expand its offerings in Saudi Arabia and will likely meet its target of creating 5,000 jobs for Saudis earlier than anticipated, according to CEO Ritesh Agarwal.
In February 2019, the kingdom’s Public Investment Fund (PIF) and Oyo signed a memorandum of understanding (MoU) in which they agreed to explore co-investment opportunities, create new jobs and develop "new sectors".
“We look at Saudi as a very strategic growth market,” Agarwal said in an exclusive interview with sister title Arabian Business.
“The partnership is very special for us and we want to continue to go deeper.”
Agarwal said Oyo currently manages more than 80 buildings and properties in over 10 Saudi cities, including Riyadh, Jeddah, Dammam, Taif and Abha.
“We’re in markets where having a great quality experience at the right price point really matters,” he added.
Additionally, Agarwal said that Oyo has “already created a significant amount of jobs for locals”.
“We have promised to create over 5,000 Saudi jobs by the end of next year,” he said.
“We feel that we’ll exceed that by the second quarter.”