H2O Hospitality Signs Program with Saudi NTDP for Business Expansion
H2O Hospitality, a Korea-based global hospitality tech company, has entered into a program agreement with the National Technology Development Program (NTDP) of the Saudi Arabian government to support its business expansion in the region.
H2O is the first startup from a non-Middle Eastern Asian country to be selected for the NTDP support program. The decision to support H2O was made based on the assessment that its digital transformation (DX) solutions for hotel operations would contribute significantly to the advancement of Saudi Arabia’s tourism industry. The NTDP will offer H2O a range of supports, including incubation, technical assistance, and help in attracting investments, and is also planning to make a direct investment.
Established to transform Saudi Arabia into a global tech industry hub by 2030, the NTDP is actively working to attract global tech companies and startups. This effort is aimed at strengthening Saudi Arabia’s IT sector and fostering a sustainable technology industry.
In response to the support from the Saudi Arabian government, H2O plans to aggressively expand its operations in the Middle East. This includes enlarging its Saudi Arabian branch and recruiting local developers.
The program agreement was signed during LEAP, Saudi Arabia’s largest tech expo, often referred to as the Saudi version of CES. The ceremony saw the participation of Ibrahim Niaz, representative of the NTDP, and Woonghee Lee, representative of H2O.
Ibrahim Niaz stated, “Tourism and technology are two pivotal elements of the Saudi government’s Vision 2030. We anticipate that our collaboration with H2O will play a significant role in achieving these goals.”
Woonghee Lee, CEO of H2O Hospitality, remarked, “The Middle East, including Saudi Arabia, is becoming a new hub for the tech industry as it attracts global companies and IT frontrunners. We aim to spearhead the digital transformation of the hospitality industry in this region and fulfill the Saudi government’s expectations.”
CEO Lee participated as an invited speaker at LEAP, held from March 3rd to 7th, where he presented on the topic “Saudi Arabia Market Entry Strategy: Lessons for Global Growth.” He discussed the latest technological trends in the hotel industry and outlined H2O’s business strategies.
H2O’s solution, which digitizes every aspect of hotel operations, enhances operational efficiency and customer satisfaction, while also enabling the acquisition of customer data. H2O has been actively expanding its business, including signing an MOU with the Saudi Arabian Investment Department in March of the previous year, being selected as an official partner for the 40 trillion won Red Sea Project in October, and establishing a Saudi Arabian branch in November.
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[…] H2O Hospitality Signs Program with Saudi NTDP for Business ExpansionH2O Hospitality, a Korea-based tech firm, partners with Saudi Arabia’s NTDP to expand its digital transformation solutions for hotels, supporting the Saudi’s tourism industry and Vision 2030 goals. […]