PHOTO
Saudi Arabia’s Tourism Development Fund (TDF) unveiled 2.9 billion Saudi riyals ($773 million) worth of new tourism projects and strategic partnerships during the TOURISE 2025 Forum, underscoring its drive to diversify the Kingdom’s tourism landscape and support Vision 2030 goals.
In the Asir region, TDF is backing five key tourism developments in partnerships with Saudi investors that together offer a total of 1,211 hotel keys, according to information gleaned from TDF’’s social media accounts and reports by Saudi Press Agency (SPA).
The projects include:
Jareed Asir Project – a 116-key five-star hotel with a 2,400-square metre (sqm) retail component in partnership with NMR Real Estate Development.
Aldhabab Land – a mixed-use destination featuring a 150-key hotel overlooking the Sarawat mountains, in partnership with Al Kathiri Holding.
Al-Hadhba Project – an Anantara-branded luxury wellness resort with 75 keys, a glamping site with 50 units and 40 rental plots, and an adventure centre, in partnership with Shaden Hospitality Company.
Westin Resort – a 460-key property with entertainment and commercial facilities on a 143,000 sqm site, in partnership with Manarat Aldiyafa Real Estate Company.
The House Residences – located near King Khalid University in Abha, in partnership with Aseer Investment Company, Rikaz Real Estate Development Company, and SYAHYA (National Company for Tourism).
Future projects are also planned in Haifa and Jabal Abdullah under the Mantis Hotels brand
New partnerships and financing deals
TDF announced agreements worth more than SAR 700 million ($187 million) to expand hospitality offerings across the Kingdom. These included:
· Financing agreement with Modern Choice Development Company to bring Earth Hotels to Riyadh. The project, spread over an area of 11,762 sqm, will feature 86 hotel rooms.
· Investment in a fund managed by GIB Capital to develop the world’s largest Mantis resort — the SAR 570 million ($152 million) Basiqat by Mantis project in Al-Uyaynah, featuring 218 rooms, villas, and luxury tents over an area of 108,000 sqm.
· TDF also signed a strategic MoU with Al Balad Development Company (BDC), owned by Public Investment Fund (PIF), to explore cooperation in supporting private sector projects in historic Jeddah.
Al Arabiya English reported on Tuesday that BDC has launched a $3.6 billion investment portfolio for the hospitality sector, and intends to develop more than 3,300 hotel units using flexible investment and financing models.
Expanding hospitality landscape
In a move to broaden the Kingdom’s luxury, TDF signed several high-profile agreements at the event. These included:
A memoranda of understanding (MOU) with Luxembourg-based Aina Hospitality to establish an investment plan for developing premium hospitality projects across the Kingdom. The partnership aims to introduce Relais & Châteaux brands in Saudi Arabia and open up opportunities for local and international investors to participate in destination development.
MOU with Meliá Hotels International, Spain’s largest hotel group, to develop around 1,000 rooms and introduce new brands such as ZEL to the Saudi market.
With Italy’s Arsenale Group to develop the ‘Dream of the Desert’ — the Middle East’s first luxury hotel train project which will cover five routes spanning 1,300 km, offering a high-end travel experience through Saudi Arabia’s diverse landscapes.
The Saryna Project, to be developed in partnership with Amaken Tourism Development Company, will feature 255 mobile glamping units across two key tourism routes — the northern route (Madina, Al Ula, Rabigh) and the southern route (Abha, Al-Birk, Al-Baha, Taif, Al Majirma)
Saudi Arabia’s Vision 2030 targets 150 million annual visitors and 10 percent GDP contribution from tourism by the end of the decade.
(Writing by Majda Muhsen; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
