Tourism Development Fund signs agreement to develop Saudi tourist destination

Saudi Arabia’s Tourism Development Fund (TDF) has signed two financing agreements with Dallah Al Baraka Group and Dallah Real Estate Company, a leading developer of real estate and tourism projects, for a major tourism project in the resort town 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’ preferred brand portfolio, 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 Durrat Al-Arous resort to safely explore the depths of

the Red Sea.

Through these agreements, TDF continues to enable the development of tourist destinations in various areas of the Saudi tourism sector, enriching the experience of visitors and enhancing the value and impact of strategic projects in the sector, he said.

Achieving sustainability in the Saudi tourism sector requires directing investment and support towards diverse projects that provide a comprehensive tourism experience – and these agreements with Dallah Real Estate Company and 17sixty reflect this, remarked its CEO Qusai Al Fakhri. after signing the agreement with Mohiuddin Saleh Kamel, the vice-chairman of the board of the Dallah Al Baraka group.

“We are focused on providing innovative solutions that connect investors to the abundant opportunities in the Saudi tourism sector, helping to achieve the goals of the National Tourism Strategy and cementing the Kingdom’s position as a tourist destination that attracts visitors. around 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 a great diversity where history and culture meet the beauty of nature, and a wealth of ancient monuments.

Kamel said 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 contribute significantly to enhancing the experience of investors and enhancing their projects, as well as to the Kingdom’s ability 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 Dallah Al Baraka Group in Saudi Arabia and strengthen our existing relationship. We continue to facilitate and support the Saudi Vision 2030 and its transformational inspiration 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, he added.-TradeArabia news service

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