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Saudi Royal to Invest $300m in Turkish Hotels

Image A member of Saudi Arabia’s ruling family plans to invest $300m into a Turkish hotel chain, a newspaper report has claimed Bander bin Fahd al-Fehaid, who is also chairman of the Arab Tourism Organisation (ATO), will invest the cash into the ‘My Tuana’ chain, eventually taking the number of its hotel properties in Turkey to 20, according to Hurriyet Daily News. Turkish businessman Mehmet Yücel, who is reportedly al-Fehaid’s partner in the scheme, told the paper that a deal for four hotels has been agreed, while talks for another seven properties were progressing.
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