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The Tourism Development Fund (TDF) and Hilton have signed a Memorandum of Understanding (MoU) to support the establishment of a strategic partnership with the objective of launching several leisure entertainment tourism destinations across the KSA.
Under the MOU, TDF will establish a fund aimed at developing several family and attraction-led tourism destinations. Hilton, with its vast experience in developing world-class leisure hospitality experiences around the world, will lend its knowledge and expertise towards the creation of these destinations, which will include waterparks, entertainment venues, live shows, entertainment-led food and beverage outlets, adventure activities and other leisure amenities.
These destinations will also include one or more of Hilton’s globally leading hotel brands, including Hilton Hotels & Resorts, Canopy by Hilton, and Motto by Hilton. They will be developed within key locations across the Kingdom in alignment with the National Tourism Strategy - Riyadh, Jeddah, Eastern Province, Aseer, Taif, Madinah, Hail, Al-Jouf, and any other city mutually agreed upon by the parties.
As a global hospitality leader, Hilton has the benefit of an extensive network of and strategic relationships with world-class partners that can enable the creation of such iconic leisure destinations. The objective of the partnership is to create family destinations that will offer experiences unique to and reflective of each location, catering to both local residents and international travellers. As an industry leader in environment, social and governance (ESG) practices, all destinations will aim to follow the highest ESG standards through Hilton’s Travel with Purpose strategy to drive responsible travel and tourism globally.
The agreement was signed at the World Travel & Tourism Council Global Summit by Mr. Qusai Al-Fakhri, CEO of TDF, and Mr. Chris Nassetta, President and CEO, Hilton.
Mr. Qusai Al-Fakhri, CEO of TDF, said, “Each new partnership helps put a spotlight on TDF as a gateway to Saudi Arabia’s tourism and hospitality sector. We are open to welcoming global brands with innovative, sustainable offerings in our Kingdom. This is just the beginning, we expect significant results in the years ahead.”
Mr. Chris Nassetta, President and CEO, Hilton, said, "We are pleased to be partnering with TDF to help develop world-class leisure experiences in the Kingdom. Hilton’s presence in Saudi Arabia will grow significantly in the coming years to more than 75 hotels as we expand with new brands into incredible new destinations. Our work with TDF will form an integral part of this growth and the remarkable progress being achieved for travel and tourism in the Kingdom in line with Saudi Vision 2030.”
The Tourism Development Fund (TDF) was established in 2020 with a capital of USD 4 billion to drive tourism growth in Saudi Arabia. TDF enables local and international investors looking to benefit from the sector’s high potential by providing viable funding solutions and leveraging its wide network of partners including government entities, public and private lenders as well as operators and service providers, all deployed to bring investments to life.
Positioned firmly at the heart of Saudi’s tourism ecosystem, TDF is well placed to offer guidance and funding options to SMEs, and tailored investment solutions to qualified investors. The Fund’s vision is to contribute towards achieving the National Tourism Strategy’s objectives by unlocking opportunities in the tourism value chain for private sector investors, while focusing on long-term sustainability.
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 18 world-class brands comprising more than 7,000 properties and more than 1.1 million rooms, in 123 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed more than 3 billion guests in its more than 100-year history, earned a top spot on Fortune's 100 Best Companies to Work For list and been recognized as a global leader on the Dow Jones Sustainability Indices for five consecutive years. Hilton has introduced several industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the nearly 146 million members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Expanding its roster of collaborators, the Tourism Development Fund (TDF) has announced the signing of a Memorandum of Understanding with an affiliate of Hyatt Hotels Corporation to establish luxury hotels across the Kingdom of Saudi Arabia.
The Tourism Development Fund (TDF) has announced the signing of a Memorandum of Understanding (MoU) with the Radisson Hotel Group to develop hospitality and tourism projects across the Kingdom of Saudi Arabia. The first project under this memorandum is expected to be announced in H2 of 2023.
Saudi Arabia’s Tourism Development Fund (TDF) announces the signing of a memorandum of understanding (MoU) with MINOR Hotels, a hotel owner, operator, and investor. The MoU aims to jointly develop and operate high-quality hospitality and lifestyle projects focused on mountain resorts, wellness resorts, and urban hotels within the Kingdom. The first project under this partnership is expected to be announced in the second half of 2023.