Tourism Development Fund signs agreement to develop Saudi tourism destination

The Saudi Arabia-based Tourism Development Fund (TDF) has signed two financing agreements with Dallah Al Baraka Group and Dallah Real Estate Company, one of the main developers of real estate and tourism projects, for a major tourism project in the resort seaside resort of Durrat Al Arous 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 and part of IHG Hotels and Resorts’ portfolio of preferred brands, the TDF statement said.

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.

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, he said. declared.

Achieving sustainability in Saudi Arabia’s tourism sector requires directing investment and support towards diverse projects that deliver a comprehensive tourism experience – and these agreements with Dallah Real Estate Company and 17sixty reflect this, its CEO Qusai Al Fakhri noted. after signing the agreement with Mohiuddin Saleh Kamel, Vice-Chairman of the Board of Directors of the Dallah Al Baraka Group.

“We are 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 a tourist destination attracting tourists. visitors from all over the world, ”he added.

Saudi Arabia has an ambitious national tourism strategy under which it aims to develop 10 main destinations in various regions of the kingdom. These destinations are characterized by great diversity where history and culture meet the beauty of nature and a wealth of ancient monuments.

Kamel said that Dallah Al Baraka’s investments in the tourism sector support Saudi Arabia’s goals of diversifying recreational activities to meet the needs and aspirations of domestic and foreign visitors.

“The financing and support services provided by TDF significantly contribute to enriching the investor experience and the value of their projects, as well as strengthening the Kingdom’s capacity to attract tourists from all over the world.

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 a region’s heritage and character, he added.-TradeArabia News Service

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