Riyadh, Saudi Arabia: The Tourism Development Fund (TDF) signed two financing agreements with Dallah Al-Baraka Group and Dallah Real Estate Company, a leading developer of real estate and tourism projects, for the development of a tourism project at the Durrat Al-Arous resort in Jeddah.
The first agreement includes funding from TDF to develop the ‘Durrat Lagoon’ destination, which will be operated by Hotel Indigo, a leading boutique brand and part of IHG Hotels and Resorts’ portfolio of preferred brands.
Both financing agreements were signed at TDF’s headquarters in Riyadh by Qusai Al-Fakhri, CEO of TDF, and Mohiuddin Saleh Kamel, Vice Chairman of the Board of Directors of Dallah Al-Baraka Group.
Through the agreements, TDF continues to enable the development of tourist destinations in various areas of the Saudi tourism sector, enriching the visitor experience and enhancing the value and impact of strategic projects in the sector.
Qusai Al-Fakhri, CEO of TDF, said: “Achieving sustainability in the Saudi tourism sector requires directing investments and support towards diversified projects that provide a comprehensive tourism experience – and these agreements with Dallah Real Estate Company and 17sixty reflect this.
“TDF is focused on providing innovative solutions that link investors to the abundant opportunities in the Saudi tourism sector, contributing to achieving the objectives of the National Tourism Strategy and consolidating the Kingdom's position as a tourist destination that attracts visitors from all over the world.” Mohiuddin Saleh Kamel, Vice Chairman of the Board of Directors of Dallah Al-Baraka Group, said: “Our investments in the tourism sector support Saudi’s goals of developing tourist facilities and diversifying recreational activities to meet the needs and aspirations of domestic and foreign visitors.
“The financing and support services provided by the Tourism Development Fund contribute significantly to enhancing the experiences of investors and the value of their projects, as well as boosting the Kingdom’s ability to attract tourists from around the world.” Haitham Mattar, Managing Director, IMEA, IHG, said: “We are honored to have this exciting opportunity to partner with Dallah Al-Baraka Group in Saudi Arabia and to strengthen our existing relationship. We continue to facilitate and support Saudi’s Vision 2030 and its inspiring transformation as a destination of the future.” Hotel Indigo, IHG’s boutique brand, creates immersive experiences based on neighborhood stories through creatively crafted spaces that reflect an area's heritage and character.
Saudi Arabia’s National Tourism Strategy aims to develop 10 main destinations in various areas of the tourism sector. These destinations are characterized by broad diversity where history and culture meet the beauty of nature, and a wealth of ancient monuments.
TDF plays a pivotal role in enabling investment in Saudi tourism that is not only limited to concessional financing. 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.
About Tourism Development Fund
The Tourism Development Fund (TDF) was established in 2019 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.
Aldanah Othman Alghuraybi
Marketing and Communication, Department Manager
© Press Release 2021