RIYADH: Following an agreement between the Tourism Development Fund and Palladium Hotel Group to research new resort projects, Saudi Arabia’s hotel supply is expected to grow. According to a news release, the memorandum of agreement will evaluate prospects and carry out feasibility studies for tourism projects, which will include determining suitable investment structures and examining technical and operational arrangements.
Using TDF’s incentives and investment enablers, the partnership will first concentrate on tourism investment prospects in Yanbu and Jeddah. In keeping with Saudi Vision 2030 and the National tourist Strategy, the action is a component of TDF’s endeavours to support and draw in foreign investment to the Kingdom’s tourist industry.
Authorities have raised the 2030 tourism aim to 150 million after Saudi Arabia met its first objective of 100 million visitors seven years ahead of schedule. The deal, according to TDF CEO Qusai bin Abdullah Al-Fakhri, represents a new turning point in the fund’s initiatives to draw in international experience and create top-notch tourism infrastructure throughout the Kingdom.
Jesus Sobrino, CEO of Palladium Hotel Group, noted the Kingdom’s quick expansion and unique investment opportunities, characterising the relationship as a rare opportunity to explore entry into Saudi Arabia’s rapidly expanding tourism sector.
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