Saudi Arabia’s Tourism Development Fund (TDF) has signed a framework agreement with Playa Hotels & Resorts to introduce its all-inclusive resort offering to the Saudi Arabian coasts including the Arabian Gulf and the Red Sea.
Through the agreement, TDF aims to provide tourists with a luxurious and one-of-a-kind experience by bringing Playa Hotels & Resorts’ innovative concept to Saudi Arabia, marking its first launch outside of the Americas. Ultimately, the agreement will serve to enhance the Kingdom’s tourist experience while supporting job creation in the sector.
TDF will also explore funding opportunities to support private sector investments, including Foreign Direct Investment (FDI) represented by Playa’s equity in the projects. TDF supports the diversification of tourism investments in the Kingdom through the launch of new and unique hospitality projects in accordance with the highest global standards, in alignment with the National Tourism Strategy.
The agreement was signed at the Fund’s headquarters by Qusai Al-Fakhri, CEO of TDF and Bruce D. Wardinski, Chairman and Chief Executive Officer of Playa Hotels & Resorts.
Al-Fakhri said: “Through this partnership with Playa Hotels Resorts, we demonstrate our commitment to providing the Kingdom with the latest in world-class hospitality offerings. This agreement is the most recent in a series of efforts to enable the private sector to develop high-potential tourism destinations in line with the National Tourism Strategy. We look forward to continuously innovating to bring tourists and investors unparalleled opportunities like this.”
