Saudi Arabia – The Tourism Development Fund (TDF) today announced that it has signed a framework agreement with Playa Hotels & Resorts to introduce its all-inclusive resort offering to Saudi Arabia’s coasts, including the Arabian Gulf and the Red Sea.
Through this agreement, TDF aims to provide tourists with a luxurious and unique experience by bringing the innovative concept of Playa Hotels & Resorts to Saudi Arabia, marking its first launch outside of the Americas. Ultimately, the agreement will serve to improve the Kingdom’s tourism experience while supporting job creation in the sector..
TDF will also explore financing opportunities to support private sector investment, including foreign direct investment (FDI) represented by Playa’s participation in the projects. TDF supports the diversification of tourism investments in the Kingdom through the launch of new and unique hotel projects that meet 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 Mr. Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts.
Qusai Al-Fakhri, CEO of TDF, said: “Through this partnership with Playa Hotels Resorts, we are demonstrating our commitment to providing the Kingdom with the latest in world-class hospitality offerings. This agreement is the latest in a series of efforts to enable the private sector to develop high-potential tourist destinations in line with the National Tourism Strategy. We look forward to continuously innovating to provide tourists and investors with unprecedented opportunities like this.
Bruce D. Wardinski, President and CEO of Playa Hotels & Resorts, said: “We are delighted to partner with TDF to bring this unique concept to the Kingdom, which will benefit tourists through a high world-class offer. At a time when the all-inclusive segment is growing rapidly, we have a strong track record of translating our extensive management and investment expertise into real value for our stakeholders, employees and the local communities in which we operate. . We look forward to serving investors and tourists in the Kingdom. »
Playa Hotels & Resorts is the leading owner and operator of all-inclusive resorts in Mexico and the Caribbean, and its formula for success is its long-term partnership with some of the most respected and trusted global hotel brands such as Hyatt , Hilton, and Wyndham. Through these partnerships, guests are assured of new standards of cleanliness while enjoying Playa’s unparalleled luxury experience. The Group’s all-inclusive model delivers competitive advantages, including predictable revenue and occupancy, greater share of customer wallet, incremental revenue generation through high-margin premium services and high customer satisfaction.
TDF plays a central role in promoting the development of tourism in Saudi Arabia by allowing private investors to participate in the sector. It provides support to SMEs and large institutions, ranging from planning to supporting various government agencies related to tourism. The Fund offers a variety of tailor-made solutions that meet the needs of investors, including direct financing, bank guarantees and co-financing with banks.