14 June ‎ 2022 | TDF in the News

Tourism Development Fund and Melia Hotels International Join Forces to Develop New Tourism Concepts in Saudi Arabia

The Tourism Development Fund (TDF) today announced the signing of a Memorandum of Understanding (MoU) with Melia Hotels International, one of the world’s leading hotel groups in leisure segment. The MoU was signed at TDF’s headquarters in Riyadh by Qusai Al-Fakhri, CEO of the Tourism Development Fund, and Gabriel Escarrer, CEO and Vice Chairman of Melia Hotels International.

TDF and Melia Hotels International will bring new tourism concepts focused on Leisure, F&B and Entertainment to three key destinations under the National Tourism Strategy – Riyadh, Jeddah, and the Eastern Province. By enhancing the tourism and entertainment offerings within these areas earmarked for development, TDF contributes towards the objectives of the National Tourism Strategy while improving the quality of life for residents and tourists alike.

Furthermore, the MoU is line with the Fund’s focus on diversifying investments within the Kingdom by launching hotel projects in compliance with the highest international industry standards.
Qusai Al-Fakhri, CEO of TDF, said: "The MoU with Melia Hotels International is an extension of our ongoing efforts to drive tourism development in the Kingdom in line with both the objectives of Saudi Vision 2030 and the National Tourism Strategy."

"Here at TDF, we always strive for sector growth and prosperity through MoUs and partnerships that will provide outstanding experiences and services, ultimately enhancing the Kingdom’s overall tourism value proposition. This latest collaboration with Melia Hotels International is a step towards the Kingdom’s transformation into a leading tourism destination globally."

Gabriel Escarrer, CEO and Vice Chairman of Melia Hotels International, said: "Saudi Arabia's natural and geographic diversity offers promising opportunities to develop high-quality hospitality projects. In that respect, we are pleased to establish this MoU with the Tourism Development Fund and look forward to playing a role in the achievement of the ambitious objectives of Saudi Vision 2030. We are committed to developing these three projects according to the highest international standards and in line with the Kingdom’s distinct identity on the world stage."

Through the MoU, TDF and Melia Hotels International will develop high-quality tourism destinations, with a total project value of more than SAR 1 billion (USD 266.5 million) for all the three destinations.

Other News

Card image cap
12 December ‎ 2022 | TDF in the News
Saudi Tourism Development Fund’s Launches AWN Tourism and Hospitality Program to Unlock Growth in Small and Micro Tourism Businesses

The Tourism Development Fund (TDF) has launched the AWN Tourism and Hospitality program to support small and micro tourism businesses in the Kingdom of Saudi Arabia with the resources they need to realize their objectives and aspirations within the tourism industry.

Card image cap
24 November ‎ 2022 | TDF in the News
Tourism Development Fund partners with Hilton to develop iconic leisure tourism destinations in the Kingdom

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.

Card image cap
24 November ‎ 2022 | TDF in the News
Lifestyle Hospitality Fund - established by anchor investor TDF along with Ennismore and Al Rajhi Capital - has identified touristic sites to develop exiting projects across the kingdom

The Tourism Development Fund (TDF) which entered into a tripartite partnership with Ennismore, the fastest-growing lifestyle hospitality company in the world, and Al Rajhi Capital, one of the leading Asset Managers in Saudi Arabia, has identified multiple sites to develop exciting lifestyle developments across the Kingdom, including urban beachfront sites.