Riyadh, Kingdom of Saudi Arabia - The Tourism Development Fund (TDF) and Ennismore today signed a Memorandum of Understanding (MoU) at the 5th Future Investment Initiative (FII) in Riyadh to explore the establishment of a USD 400 million (SAR 1.5 billion) fund that would bring Ennismore’s lifestyle brands to at least 12 destinations in Saudi Arabia.
Under the MoU, 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 & Co-CEO, and Accor, creating the world’s largest and fastest-growing lifestyle company, including 87 operating properties globally, with an additional 141 hotels in the pipeline. 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 development of lifestyle destinations – an undersupplied segment of the Saudi tourism industry – would align with the National Tourism Strategy’s 10 key destinations, including Riyadh, Jeddah, Eastern Province, Aseer, Al Ula, Taif, Madinah, Al-Baha, Hail and Al-Jouf, delivering around 2,000 keys.
TDF would continue to provide new opportunities for private sector investors in the Saudi tourism space, while aligning with wider sustainable tourism efforts throughout the Kingdom, prioritizing the protection of nature and supporting local communities. Both TDF and Ennismore are committed to employing, training, and developing Saudi talent, creating up to 3,000 jobs.
Increasing the presence of lifestyle hospitality brands is at the heart of the Kingdom’s strategy for welcoming brands that take an active role in driving community and build deep connections with guests through shared values, unique design, and authentic restaurant destinations, both for international visitors and locals.
During a ceremony attended by His Excellency Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia and Chairman of TDF, Sébastien Bazin, Chairman and CEO of Accor and Qusai Al-Fakhri, CEO of TDF, signed the MoU in the presence of Sharan Pasricha and Gaurav Bhushan, Co-CEOs of Ennismore.
Qusai Al-Fakhri, CEO of TDF, said: “This MoU marks an important milestone for TDF as we continue to enable private sector investors to benefit from the massive opportunities offered by Saudi’s growing tourism sector. 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. By expanding our presence across Saudi Arabia, we’re proud to be supporting the creation of investment opportunities and jobs that will help enrich the tourism experience. 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 USD 4 billion to drive tourism growth in Saudi Arabia. The Fund works to unify the efforts of the tourism sector and its partners including lenders, operators, and service providers, to enhance the investment experience and facilitate private sector access to opportunities in various regions of the Kingdom that are distinguished by their natural, geographical, and cultural offering.
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About Tourism Development Fund
The Tourism Development Fund (TDF) was established in 2020 with a capital of USD 4 billion to drive tourism growth in Saudi Arabia. TDF enables local and international investors looking to benefit from the sector’s high potential by providing viable funding solutions, and leveraging its wide network of partners including government entities, public and private lenders as well as operators and service providers… all deployed to bring investments to life.
Positioned firmly at the heart of Saudi’s tourism ecosystem, TDF is well placed to offer guidance and funding options to SMEs, and tailored investment solutions to qualified investors. The Fund’s vision is to contribute towards achieving the National Tourism Strategy’s objectives by unlocking opportunities in the tourism value chain for private sector investors, while focusing on long-term sustainability.
About Ennismore
Ennismore is a creative hospitality company rooted in culture and community, with a global collective of entrepreneurial and founder-built brands with purpose at their heart. It curates and manages unique properties and experiences in some of the most exciting destinations around the world. The Ennismore team is made up of some of the brightest doers, thinkers and makers from inside and outside the industry - including an in-house creative studio, a fully integrated F&B concept platform and a digital product & tech innovation lab - who together create brands that inspire discovery.
Founded in 2011 by entrepreneur Sharan Pasricha, Ennismore and Accor entered a joint venture in 2021, creating the world’s fastest-growing lifestyle hospitality company, bringing together an unrivalled portfolio of global brands, with Ennismore’s know-how in building brands with creative storytelling, design, and authentic experiences, with Accor’s wealth of knowledge in delivering scale, network growth and distribution.
Under the leadership of Sharan Pasricha, Founder & Co-CEO, and Gaurav Bhushan, Co-CEO, Ennismore comprises 14 hotel & co-working brands and a collection of over 150 culturally relevant and diverse restaurants and nightlife destinations. The portfolio includes 87 operating properties globally, with a further 141 hotels in the pipeline across different regions, with strong growth coming from The Hoxton, Mondrian, SLS, SO/ and Tribe; complemented by flagship restaurant brands Bibo, Carna, Fi’Lia and Seabird. Ennismore is committed to positively impacting the world, with a key focus on creating inclusive communities among its teams and in the places it calls home.
Ennismore has been included in Fast Company’s World’s Most Innovative Companies lists in 2020 and 2021; ranked#29 in FT1000: Europe’s Fastest-Growing Companies; and is part of FT Future 100 - the UK’s fastest-growing businesses that are shaping the future of their sector.
The Ennismore Brands: 21c Museum Hotel, 25hours, Delano, Gleneagles, Hyde, Jo&Joe, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, Tribe and Working From_
Contact Details
Tourism Development Fund
Aldanah Othman Alghuraybi
Marketing and Communication, Department Manager
+966 537329233
aalghuraybi@tdf.gov.sa
Ennismore
Anna Novgorodova
PR Manager
+97450235436
Email: anna.novgorodova@qanect.com
© Press Release 2021
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