In 2013, the Saudi cabinet approved the requisition applied by the Saudi Authority for Tourism and National Heritage about establishment of a joint stock holding company to invest in heritage sites and buildings across the Kingdom.
This approval came in line with HRM the servant of the two holy mosques project for maintaining national heritage and promoting it in local and international levels.
As a first step, the SATNH prepared an economical feasibility study to achieve best usage of four well-known historical sites in the Kingdom, namely the neighborhood of Samhan in the province of Dere’a, Jeddah historical area, province of AL Ula and province of Al Hasa to turn them into high-class touristic and hospitality facilities.
The recommendations of earlier indicated feasibility study presented in favor of establishment of the SHHC with a capital of SR 250,000,000. The suggested capital rose through an IPO that mainly possessed by the Public Investment Fund and number of leading companies in sector of hospitality, historical development and touristic promotion.