Tourism Development Fund signs agreement to explore fund option to bring 12 branded destinations to Saudi Arabia
The Tourism Development Fund (TDF) and Ennismore has signed an agreement to explore the establishment of a $400 million fund to bring 12 branded destinations to Saudi Arabia.
Under the deal, TDF would identify locations and provide financing options for projects throughout the kingdom while Ennismore would lead on programming, design and operations of the destinations, under its lifestyle brands.
Created in 2021, Ennismore is a joint venture between Sharan Pasricha, founder and co-CEO, and Accor. The Ennismore brands are 21c Museum Hotel, 25hours, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, TRIBE and Working From_.
The agreement aligns with the National Tourism Strategy’s 10 key destinations including Riyadh, Jeddah (pictured below), Eastern Province, Aseer, AlUla (pictured above), Taif, Madinah, Al-Baha, Hail and Al-Jouf, delivering around 2,000 keys, a statement said.
Both TDF and Ennismore said they are committed to employing, training and developing Saudi talent, creating up to 3,000 jobs.
Qusai Al-Fakhri, CEO of TDF, said: “The fund would channel private sector investments to various areas of the kingdom, enriching the visitor experience and enhancing the value of strategic projects through globally renowned hospitality brands.
“These new lifestyle destinations would create unique experiences for visitors and residents to enjoy, providing them with exciting entertainment and F&B offerings, as well as co-working spaces. They would also focus on ensuring the social, environmental, and economic sustainability of the areas they are located in.”
Gaurav Bhushan and Sharan Pasricha, co-CEO’s of Ennismore, added: “Saudi Arabia is a key growth market for Ennismore and we’re delighted that this partnership with TDF cements our commitment to the kingdom’s tourism sector… We look forward to bringing our brands with their unique design and authentic experiences to the kingdom.”
TDF was established in June 2020 with a capital of $4 billion to drive tourism growth in Saudi Arabia.
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