The Tourism Development Fund signed a memorandum of understanding with the global Palladium Hotel Group to study development opportunities and projects in a number of regions of the Kingdom .

The memorandum of understanding aims to enhance cooperation between the two parties, assess opportunities, and study the feasibility of projects, including identifying a suitable investment structure and studying technical and operational arrangements, in line with the objectives of the National Tourism Strategy and the Kingdom’s Vision 2030 .

This qualitative step comes within the framework of the Fund’s endeavor to attract investments and empower the tourism sector in the Kingdom, as it opens the door for the entry of the Palladium Hotel Group into the Kingdom as one of the distinguished brands in the field of high-quality all-inclusive hotels and integrated resorts that focus on modern hospitality and lifestyle, and meet the aspirations of diverse segments of visitors looking for tourist experiences .

The CEO of the Tourism Development Fund, Qusay bin Abdullah Al-Fakhri, explained that the memorandum of understanding constitutes a new milestone in the Tourism Development Fund’s journey to empower the tourism sector in the Kingdom. Work is underway to attract quality investments and bring in global expertise that contributes to developing the tourism offering in various regions and enriching it with distinguished hospitality facilities according to the highest international standards. He expressed his pride in this cooperation to evaluate and study opportunities and lay clear foundations for quality projects that will have a tangible impact and support the objectives of the National Tourism Strategy and Saudi Vision 2030 .

For his part, the CEO of Palladium Hotel Group, Jesus Sobrino, considered this partnership a unique opportunity to explore the possibility of entering the tourism sector in the Kingdom, which is full of unique investment opportunities and rapid growth .

Within the framework of the memorandum of understanding, the two parties are scheduled to begin their cooperation with preliminary assessment studies of tourism investment opportunities in Jeddah and Yanbu, and to identify prospects for cooperation by taking advantage of the outstanding investment incentives and enablers provided by the Tourism Development Fund .

It is worth noting that Palladium Hotel Group is one of the world's largest hospitality groups, with over 50 years of experience in developing, operating, and managing hotels and resorts. Its investment portfolio includes 45 hotels worldwide across the Americas, Europe, the Middle East, and Africa, as well as a chain of international restaurants, offering a unique experience.

An integrated tourism sector that will be added to the tourism offerings in the Kingdom .

Through its international partnerships, the Tourism Development Fund continues to attract leading global investors, consolidate the Kingdom’s position on the global tourism map, and support the growth of quality hospitality projects that reflect the ambitions of the tourism sector .

Tourism Development Fund:

The Tourism Development Fund is the national enabler of the tourism sector in the Kingdom of Saudi Arabia, as its role goes beyond providing financing to include stimulating quality investments and enhancing the competitiveness of tourist destinations .

The fund works to support entrepreneurs and tourism establishments by providing financial solutions and non-financial support programs, and it also attracts local and international investors to contribute to the development of major tourism projects .

The fund aims to create an attractive investment environment that supports strategic partnerships and contributes to diversifying the national economy, enriching visitor experiences, and enhancing the Kingdom’s position as a global tourist destination, committed to achieving the goals of Saudi Vision 2030 and the National Tourism Strategy, and emphasizing its closeness to investors and those interested in the sector.

For media inquiries, please contact the Corporate Communications team at the Tourism Development Fund via email: cc@tdf.gov.sa

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