BPKH Limited, a subsidiary of Indonesia’s Hajj Financial Management Agency (BPKH), has announced a strategic partnership with Sidra Capital to manage hotel assets as part of a Real Estate Investment Trust Fund (REIT) in Saudi Arabia. This collaboration aims to enhance accommodation services for Hajj and Umrah pilgrims from Indonesia and other countries.
Strategic Partnership for Enhanced Pilgrim Services
Under the new partnership, Sidra Capital will act as the fund manager, responsible for collecting and managing investments to develop and maintain productive hotel assets. BPKH Limited will oversee the management of key hotel properties, including the Hilton Hotel in Mecca and the Al-Anshar Golden Tulip Hotel in Medina.
“Through our collaboration with the management of the Hilton Hotel in Mecca and the Al-Anshar Golden Tulip Hotel in Medina, we are prepared to manage hotels for Hajj and Umrah pilgrims,” said Sidiq Haryono, CEO of BPKH Limited.
Objectives of the Partnership
- Improve Accommodation Quality: Enhance the quality of hotel services for pilgrims, ensuring comfort and accessibility.
- Attract Investments: Invite investors from Indonesia and abroad to contribute to the development of affordable and high-quality hotel accommodations.
- Sustainable Growth: Reinvest profits generated from hotel management to further serve the needs of Indonesian Hajj pilgrims.
Sidra Capital: A Trusted Partner
Sidra Capital, established in 2009 and headquartered in Jeddah, operates with additional offices in Riyadh, London, Dubai, and Singapore. As a sharia-compliant fund manager licensed by the Saudi Arabian Capital Market Authority (CMA), Sidra Capital brings extensive expertise in managing large-scale investment funds.
Role of Sidra Capital
| Aspect | Details |
|---|---|
| Role | Fund Manager for REIT |
| Responsibilities | Collecting and managing investments |
| Focus Areas | Development and management of hotel assets |
| Compliance | Sharia-compliant, licensed by CMA |
Enhancing Pilgrim Experiences
BPKH Limited aims to optimize the accommodation services for Hajj and Umrah pilgrims by leveraging Sidra Capital’s investment management capabilities. The partnership focuses on providing typical Indonesian hospitality at more affordable rates, making pilgrimages more accessible and comfortable.
“With our collaboration with Sidra Capital, we invite investors from Indonesia and abroad to help provide hotel accommodations for Hajj and Umrah pilgrims, offering typical Indonesian hospitality at more affordable rates,” added Haryono.
Expansion and Future Plans
In 2024, BPKH Limited has already signed contracts to manage two hotels in Mecca and Medina, expanding from its previous management of 71 restaurants and canteens at hotels for Indonesian Hajj pilgrims in collaboration with local small business owners during the 2024 Hajj season.
Key Achievements
| Year | Milestone |
|---|---|
| 2023 | Founded on March 16, 2023 |
| 2024 | Signed contracts to manage two hotels in Mecca and Medina |
| 2024 | Managing 71 restaurants and canteens for Hajj pilgrims |
Support from BPKH’s Executive Board
Fadlul Imansyah, Head of BPKH’s Executive Board, expressed strong support for the subsidiary’s efforts in managing hotels in Saudi Arabia.
“By managing these hotels, we hope BPKH Limited can further optimize the quality of accommodation services for Hajj and Umrah pilgrims,” stated Imansyah.
Commitment to Vision 2030
This partnership aligns with Saudi Arabia’s Vision 2030, a comprehensive strategy aimed at transforming the Kingdom’s economy and society. By developing robust real estate infrastructure and enhancing service quality for pilgrims, BPKH Limited and Sidra Capital contribute to the broader goals of economic diversification and sustainable development.
“Our goal at Cityscape Global 2024 is to align with the Vision 2030 set by HRH Crown Prince Mohammed bin Salman for the housing sector,” said Faisal bin Saud Al Khamisi, Chairman of the Board of Directors of the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP).
Invitation to Investors
BPKH Limited and Sidra Capital invite investors from Indonesia and other regions to participate in this lucrative opportunity. By investing in the REIT, stakeholders can contribute to the development of high-quality accommodations for millions of pilgrims, ensuring sustainable and profitable growth.
Conclusion: A Step Towards Sustainable Pilgrimage Services
The partnership between BPKH Limited and Sidra Capital marks a significant milestone in enhancing accommodation services for Hajj and Umrah pilgrims. By leveraging advanced investment management and adhering to sharia-compliant practices, the collaboration promises to deliver superior hospitality solutions, aligning with both Saudi Arabia’s Vision 2030 and the needs of the global Muslim community.
