Tourism Development Fund signs two financing agreements to develop a leading tourist destination in Jeddah

Riyadh, The Tourism Development Fund (TDF) signed two financing agreements with Dallah Al-Baraka Group and Dallah Real Estate Company, a leading developer of real estate and tourism projects, for the development of a tourism project at the Durrat Al-Arous resort in Jeddah.

The first agreement 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 second agreement was signed with 17Sixty to provide a variety of first-of-their-kind recreational activities and adventures, enabling visitors to the Durrat Al-Arous resort to safely explore the depths of the Red Sea.

Both financing agreements were signed at TDF’s headquarters in Riyadh by Qusai Al-Fakhri, CEO of TDF, and Mohiuddin Saleh Kamel, Vice Chairman of the Board of Directors of Dallah Al-Baraka Group.

Through the agreements, TDF continues to enable the development of tourist 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.

Qusai Al-Fakhri, CEO of TDF, said: “Achieving sustainability in the Saudi tourism sector requires directing investments and support towards diversified projects that provide a comprehensive tourism experience – and these agreements with Dallah Real Estate Company and 17sixty reflect this.

“TDF is focused on providing innovative solutions that link investors to the abundant opportunities in the Saudi tourism sector, contributing to achieving the objectives of the National Tourism Strategy and consolidating the Kingdom's position as a tourist destination that attracts visitors from all over the world,” he added.

Saudi Arabia’s National Tourism Strategy aims to develop 10 main destinations in various areas of the tourism sector. These destinations are characterized by broad diversity where history and culture meet the beauty of nature, and a wealth of ancient monuments.

TDF plays a pivotal role in enabling investment in Saudi tourism that is not only limited to concessional financing. The Fund works to unify the efforts of the tourism sector and its partners including lenders, operators and service providers, to enhance the investment experience and facilitate private sector access to opportunities in various regions of the Kingdom that are distinguished by their natural, geographical and cultural offering.

Source: Saudi Press Agency