The Saudi Tourism Development Fund (TDF) has signed on Wednesday a Memorandum of Understanding (MoU) with Karisma Hotels & Resorts to explore opportunities for developing luxury resorts in the Kingdom, reported the Saudi Press Agency (SPA).
The agreement, signed during the International Hospitality Investment Forum EMEA (IHIF EMEA) held in Berlin, opens the door for entering into a strategic partnership that enhances new fields in tourism and hospitality in Saudi Arabia.
This agreement sets out a roadmap for defining the investment methodology, and providing financial and non-financial support for a growing ecosystem of investors, clients and partners who distinctly contribute to developing the tourism and hospitality sector in the Kingdom.
The TDF CEO, Qusai Al-Fakhri, said, “The Tourism Development Fund unlocks the Kingdom’s great potential and investment opportunities in the tourism and hospitality sector, particularly in luxury resorts projects in the targeted regions, in cooperation with Karisma Hotels & Resorts.”
He added that the agreement will explore the feasibility of funding and supporting innovative projects that significantly contribute to boosting tourism sector growth.
Esteban Velasquez, CEO of Karisma Hotels & Resorts, said that they are working to develop many hotels across the Kingdom, in collaboration with the TDF and local developers.
Under the sponsorship and participation of the #TDF in #IHIFEMEA24, we are reviewing unparalleled opportunities that contribute to a sustainable future for tourism in the Kingdom. 🇸🇦💚 pic.twitter.com/3KddlmyJWo
— صندوق التنمية السياحي (@TDF_SA) April 17, 2024
The International Hospitality Investment Forum EMEA (IHIF EMEA) was held in Berlin, Germany, from 15-17 April 2024. It is an annual conference and exhibition for the global hospitality industry.
The Saudi Tourism Development Fund aims to present the promising investment opportunities in the fast-growing tourism sector by providing financial and non-financial support for international private investors as well as local small and medium-sized businesses, as well as entrepreneurs.
Saudi Arabia’s tourism and hospitality sector is booming, with promising investment opportunities. This comes as the Kingdom has achieved one of its 2030 objectives- receiving 100 million visitors annually.
That objective was achieved in 2023, seven years before the deadline, so the Kingdom has set a new objective of receiving 150 million visitors by 2030.
