In many respects, the Saudis are following a playbook already demonstrated by the rulers of Dubai who have likewise sought to transform their city into a global destination using vast oil funds. 

Nicholls says: “The Saudis have looked across at Dubai and want a slice of the action. Their aspiration is to get 70 million visits a year – so they’re going to have to look at ramping up hospitality infrastructure very rapidly, and developing those skills.”

According to Sir Rocco, interest from the PIF came after he hired advisers at Schroders to quietly probe the appetite for investment in his business about a year ago. As a result, plans for a competitive auction were quickly shelved. 

Other British brands that have already gone to Saudi Arabia include InterContinental Hotels subsidiary Holiday Inn, which has two franchise hotels in Jeddah, and Mayfair seafood restaurant Scott’s, which has opened an outpost in Riyadh. 

Celebrity chefs such as Wolfgang Puck and Jason Atherton have also announced plans to open restaurants in the kingdom. 

One chief executive at a major restaurant business says he knows of lots of conversations happening between British firms and Middle Eastern investors. However, most come to nothing, he says. 

“In my experience, nine out of every 10 fail before they get anywhere,” the executive says. “There’s a lot of potential opportunity, which then falls over when it comes to dotting the i’s and crossing the t’s.” 

Most go nowhere because Middle Eastern investors want restaurateurs to open just one or two branches in the region, something that is not financially viable.