Prime Highlights:
- The Tourism Development Fund (TDF) signs an agreement with Palladium Hotel Group to explore new resort projects in Saudi Arabia.
- The partnership aims to attract international investors and develop world-class tourism facilities, supporting the National Tourism Strategy and Saudi Vision 2030.
Key Facts:
- TDF has provided nearly SR3 billion in funding, created over 74,000 jobs, and supported more than 10,000 businesses through its Tourism Empowerment Programs.
- Initial projects will focus on Jeddah and Yanbu, using TDF’s incentives and investment support programs.
Background:
Saudi Arabia’s hotel and tourism sector is set to grow after the Tourism Development Fund (TDF) signed an agreement with Palladium Hotel Group to explore new resort projects across the Kingdom.
The deal will study investment opportunities and carry out feasibility checks for tourism projects, including the best ways to structure investments and manage operations. The first projects will focus on Jeddah and Yanbu, using TDF’s support and investment programs.
Saudi Arabia reached its original 2030 tourism target of 100 million visitors seven years ahead of schedule, prompting authorities to raise the goal to 150 million visitors.
TDF CEO Qusai bin Abdullah Al-Fakhri described the MoU as a significant milestone in the fund’s mission to attract global expertise and strengthen the Kingdom’s tourism infrastructure. “This collaboration reflects our commitment to creating high-quality tourism experiences and supporting economic diversification,” he said.
Palladium Hotel Group, which has more than 50 years of experience in running hotels worldwide, sees the partnership as a chance to enter Saudi Arabia’s fast-growing tourism market. CEO Jesus Sobrino said the Kingdom’s strong growth and unique investment opportunities are key reasons for the collaboration.
TDF has a history of supporting tourism projects with both funding and other forms of assistance. Recent deals worth over SR4 billion ($1 billion) have boosted funding for small and medium tourism businesses. Through its Tourism Empowerment Programs, TDF has given nearly SR3 billion in funding, created over 74,000 jobs, and helped more than 10,000 businesses.
The new deal shows Saudi Arabia’s aim to become a leading tourism destination, providing great experiences for visitors and investors while boosting the country’s economy.
