PARIS, France - The Saudi Tourism Development Fund (TDF), a government entity that aims to boost the tourism sector in the Kingdom, has signed a Memorandum of Understanding with an affiliate of Hyatt Hotels Corporation, a global hospitality company, to develop several luxury hotels across Saudi Arabia.
The collaboration will focus on creating hospitality-led destinations that will enhance the tourism offering in the Kingdom, under Hyatt’s existing trademarks such as Alila Resorts, Park Hyatt, Hyatt Centric, Grand Hyatt, and others. The destinations may include beach and urban hotels, as well as mountain, desert, and farm retreats.
The agreement is part of the Kingdom’s National Tourism Strategy and Vision 2030, which seek to diversify the economy and attract 100 million tourists by 2030.
Qusai Al-Fakhri, CEO of TDF, said: “We are joining forces with many legacy brands in the tourism, hospitality, and business travel segments as we continue to thoughtfully expand our roster of collaborators. This collaboration with Hyatt will help us to attract tourists and ensure that they receive a comfortable, high-quality experience in the Kingdom’s top tourism destinations”.
Ludwig Bouldoukian, Regional Vice President, Development – Middle East and Africa at Hyatt, said: “Saudi Arabia is the largest emerging market in the Middle East and has made significant advances across sectors to springboard its economy. The country has been recognized as one of the world’s fastest-growing tourism destinations and we see this as a great opportunity to expand Hyatt’s brand footprint while providing exquisite service and care to local and international high-end travellers”.
TDF was established in 2020 with a capital of 15 billion riyals ($4 billion) to provide financial resources and expertise to entrepreneurs worldwide looking to invest in the ten key destinations across Saudi Arabia that offer huge prospects across the tourism value chain. TDF has already announced several projects worth 6.4 billion riyals ($1.7 billion) in collaboration with other partners.
Hyatt has one of the world’s largest portfolios of hotels and resorts, focused on the high-end travellers in each segment that it serves, and is continually growing its brand footprint. It has established an industry-leading luxury, lifestyle, and leisure portfolio across Europe, the Middle East, and Africa, which is significantly contributing to its global expan
Comments