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.
The Tourism Development Fund (TDF) today announced the signing of a tripartite agreement with Ennismore, the world’s largest and fastest-growing lifestyle hospitality company, and Al Rajhi Capital, one of the leading Asset Managers in the Kingdom of Saudi Arabia. The agreement aims to establish a hospitality investment fund that will advance lifestyle hotels with a capital of SAR 1.5 billion, enhancing promising sector-leading opportunities in various tourist destinations within the Kingdom.
Finance Program, which is designed to provide the best solutions and soft financing products for small and micro enterprises, to enable them to benefit from promising opportunities in various fields of tourism.