Tourism Development Fund signs two funding agreements to develop premier tourism destination in Jeddah

Riyadh, Saudi Arabia: The Tourism Development Fund (TDF) has 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 in Durrat Al- Arous Resort in Jeddah.

The first agreement includes financing 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.

The two 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 the Dallah Al-Baraka group.

Through these agreements, TDF continues to enable the development of tourism 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 diverse 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 connect investors to the many opportunities in the Saudi tourism sector, contributing to the achievement of the goals of the National Tourism Strategy and to consolidating the Kingdom’s position as an attractive tourist destination. 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 Arabia’s goals of developing tourism facilities and diversifying recreational activities for meet the needs and aspirations of domestic and foreign visitors.

“The financing and support services provided by the Tourism Development Fund contribute significantly to improving the investor experience and the value of their projects, as well as strengthening the Kingdom’s ability to attract tourists from around the world. whole. Haitham Mattar, Managing Director, IMEA, IHG, said: “We are honored to have this exciting opportunity to partner with the Dallah Al-Baraka Group in Saudi Arabia and to strengthen our existing relationship. We continue to facilitate and support Saudi Arabia’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 designed spaces that reflect the heritage and character of a region.

Saudi Arabia’s National Tourism Strategy aims to develop 10 main destinations in various areas of the tourism sector. These destinations are characterized by great diversity where history and culture meet the beauty of nature and a wealth of ancient monuments.

TDF plays a central role in enabling investments in Saudi tourism that go beyond concessional finance. The Fund works to unify the efforts of the tourism sector and its partners, including lenders, operators and service providers, to improve the investment experience and facilitate the private sector’s access to opportunities in various regions of the Kingdom which are distinguished by their natural, geographical and cultural character. offer.

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About the Tourism Development Fund

The Tourism Development Fund (TDF) was established in 2019 with a capital of $ 4 billion to boost tourism growth in Saudi Arabia. TDF enables local and international investors to take advantage of the sector’s strong potential by providing viable financing solutions and leveraging its large network of partners including government entities, public and private lenders as well as operators and providers. of services… all deployed to bring investments to life. .

Well positioned at the heart of the Saudi tourism ecosystem, TDF is well positioned to offer advice and financing options to SMEs, and tailor-made investment solutions to qualified investors. The vision of the Fund is to contribute to the achievement of the objectives of the National Tourism Strategy by opening up opportunities in the tourism value chain for private sector investors, while focusing on long-term sustainability.

Contact details:
Aldanah Othman Alghuraybi
Marketing and Communication, Department Manager
+966 537329233
aalghuraybi@tdf.gov.sa

© Press release 2021


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