The Tourism Development Fund signs two financing agreements to develop a leading tourist 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, one of the leading developers of real estate and tourism projects, for the development of a tourism project in Durrat Al- Arous resort in Jeddah.

The first deal includes funding from TDF to develop the ‘Durrat Lagoon’ destination, which will be operated by Hotel Indigo, a leading boutique brand part of IHG Hotels and Resorts’ Preferred Brands portfolio.

The second agreement was signed with 17Sixty to provide a variety of one-of-a-kind recreational activities and adventures, allowing visitors to the resort town of Durrat Al-Arous to safely explore the depths of the Red Sea.

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 Dallah Al-Baraka Group.

Through these agreements, TDF continues to enable the development of tourist 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 investment and support towards diversified projects that provide a complete 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 objectives of the National Tourism Strategy and consolidating the Kingdom’s position as a tourist destination that attracts visitors from around the world. whole world”. Mohiuddin Saleh Kamel, Vice Chairman of the Dallah Al-Baraka Group Board, said: “Our investments in the tourism sector support Saudi Arabia’s goals to develop tourism facilities and diversify leisure activities. to 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 investors’ experiences and the value of their projects, as well as enhancing the Kingdom’s ability to attract tourists from around the world. ” Haitham Mattar, Managing Director, IMEA, IHG, said, “We are honored to have this exciting opportunity to partner with Dallah Al-Baraka Group in Saudi Arabia and 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 an area’s heritage and character.

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

TDF plays a central role in enabling investment in Saudi tourism that is not limited to concessional financing alone. The Fund works to unify the efforts of the tourism sector and its partners, including lenders, operators and service providers, to enhance the investment experience and facilitate private sector access to opportunities in diverse regions. of the Kingdom which are distinguished by their natural, geographical and cultural resources. offer.

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About the Tourism Development Fund

The Tourism Development Fund (TDF) was established in 2019 with a capital of USD 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.

Contact details:
Aldanah Othman Alghuraybi
Marketing and communication, department manager
+966 537329233
aalghuraybi@tdf.gov.sa

© Press release 2021


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