The Tourism Development Fund and Deutsche Hospitality sign an exclusive agreement
In the presence of His Excellency Ahmed Al-Khateeb, Minister of Tourism and Chairman of the Board of Directors of the Tourism Development Fund. The Tourism Development Fund (TDF) has signed a memorandum of understanding with Deutsche Hospitality, the umbrella brand of German hospitality company Steigenberger Hotels AG, to develop and operate Steigenberger Porsche Design Hotels projects in Saudi Arabia. The agreement includes the right to exclusively launch the first Steigenberger Porsche Design Hotels project in the Middle East. The MoU was signed by Qusai Al-Fakhri, CEO of TDF and Marcus Bernhardt, CEO of Deutsche Hospitality.
Qusai Al-Fakhri, CEO of TDF, said: “We are pleased to announce the signing of this Memorandum of Understanding with Deutsche Hospitality, a company that combines world-class hospitality with high standards to incentivize entities to invest, develop and operate high-quality, iconic hotel projects in Saudi Arabia. Thanks to this collaboration – which will result in unique hospitality offers – we continue to improve the Kingdom’s tourist offer within the framework of the National Tourism Strategy.
Marcus Bernhardt, CEO of Deutsche Hospitality, said: “We are delighted to collaborate with TDF to launch new hotel projects in Saudi Arabia, including the first Steigenberger Porsche Design Hotel in the Middle East. The project will meet the sophisticated needs of the Saudi market, creating a unique and innovative experience in the Kingdom’s luxury lifestyle hotel segment that is sure to deliver an unrivaled guest experience. A Steigenberger Porsche Design hotel in Saudi Arabia reflects our commitment to the region and our support for the Kingdom as a leading global tourist destination.
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.
About the Tourism Development Fund
The Tourism Development Fund (TDF) was established in 2020 with a capital of $4 billion to stimulate the growth of tourism in Saudi Arabia. TDF enables local and international investors looking to benefit from the strong potential of the sector by providing viable financing solutions and relying on 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. Resolutely positioned at the heart of the Saudi tourism ecosystem, TDF is well placed to offer support 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.
About Deutsche Hospitality
Vision, passion and cosmopolitanism. Deutsche Hospitality offers a perfect customer experience. Tradition and a look to the future come together in an inimitable portfolio of eight brands operating in more than 160 hotels worldwide. “Celebrating luxurious simplicity.” : The Steigenberger Icons are extraordinary luxury hotels that combine historical uniqueness with modern concepts. The Steigenberger Porsche Design Hotels brand generates innovative impulses in the Luxury Lifestyle segment. Steigenberger Hotels & Resorts represents the epitome of high-end hospitality on three continents. Jaz in the City”s Lifestyle Hotels sets the pace in the upscale sector. House of Beats unites a passion for hospitality with a fascination with lifestyle, fashion and music. IntercityHotel is located in the very heart from any destination and offers a true home of comfort and mobility in the midscale segment.MAXX by Deutsche Hospitality is a charismatic conversion brand that also positions itself in the midscale segment of the market.Zleep hotels offer a smart marriage of design and functionality in the economy segment. All these brands are unified under H-Rewards, Deutsche Hospitality’s loyalty program that offers benefits from the first booking. The vision is clear. In collaboration with its shareholder Huazhu, Deutsche Hospitality aims to become one of the European leaders in the hotel industry.