Saudi Arabia’s sovereign wealth fund PIF has acquired a 49% stake in the Rocco Forte Hotels group. The investment is part of Saudi Prime Minister Mohammed Ben Salman’s (MBS) tourism diversification plan, which anticipates the end of oil rents.
Saudi Arabia’s sovereign wealth fund PIF has acquired a 49% stake in the Rocco Forte Hotels group, the hotel group’s owner said on December 4.
This minority stake by the Saudi Public Investment Fund (PIF) in the British chain Rocco Forte Hotels is fully in line with the Kingdom’s ambitions and its Vision 2030 plan to prepare for the post-oil era.
The news values Rocco Forte Hotels at £1.4 billion ($1.8 billion), according to a source close to the matter.
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Featured Photo: Balmoral Hotel, Edimbourg/Wikipedia
