Saudi Tourism Development Fund signs deal to explore new resort developments
Dhaka: Saudi Arabia’s hotel supply is set to expand after the Tourism Development Fund signed a deal with Palladium Hotel Group to study new resort projects.
The memorandum of understanding will assess opportunities and conduct feasibility studies for tourism projects, including identifying appropriate investment structures and reviewing technical and operational arrangements, according to a press release.
The initial focus of the collaboration will be on tourism investment opportunities in Jeddah and Yanbu, leveraging TDF’s incentives and investment enablers, reports Arab News.
The move is part of TDF’s efforts to attract investment and support the Kingdom’s tourism sector, in line with the National Tourism Strategy and Saudi Vision 2030.
This comes as Saudi Arabia reached its original 2030 tourism target of 100 million visitors seven years ahead of schedule, leading authorities to raise the goal to 150 million.
TDF CEO Qusai bin Abdullah Al-Fakhri said the agreement marks a new milestone in the fund’s efforts to attract global expertise and develop world-class tourism facilities across the Kingdom.
Palladium Hotel Group CEO Jesus Sobrino described the partnership as a unique opportunity to explore entry into Saudi Arabia’s fast-growing tourism sector, noting the Kingdom’s rapid growth and distinctive investment prospects.
Palladium Hotel Group operates 45 hotels worldwide and has more than 50 years of experience developing and managing hospitality assets across international markets. The collaboration with TDF marks a continued effort to position Saudi Arabia as a leading global tourism destination, supporting economic diversification and enriching visitor experiences.
TDF is Saudi Arabia’s national enabler for the tourism sector, providing financial and non-financial support to develop major projects. It works to attract international investment, build partnerships, and support the goals of Saudi Vision 2030.
The new MoU with Palladium Hotel Group follows a series of recent partnerships by TDF, including agreements signed last December worth more than SR4 billion ($1 billion), which expanded financing for tourism MSMEs.
Through its Tourism Empowerment Programs, TDF has delivered nearly SR3 billion in funding, created over 74,000 jobs, and supported more than 10,000 enterprises, forming part of its strategy to attract global investors and develop projects aligned with Saudi Vision 2030.
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