Saudi Arabia’s Tourism Development Fund (TDF) and Melia Hotels International signed an agreement to develop high-end tourism destinations in the Kingdom worth $266.5 million, the official Saudi Press Agency reported on Wednesday.
The agreement was signed at the TDF’s headquarters in Riyadh by TDF CEO Qusai al-Fakhri and Melia Hotels CEO and Vice Chairman Gabriel Escarrer.
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It aims to bring new tourism concepts to three key destinations under the Kingdom’s National Tourism strategy: Riyadh, Jeddah, and the Eastern Province.
“The MoU with Melia Hotels International is an extension of our ongoing efforts to drive tourism development in the Kingdom in line with both the objectives of Saudi Vision 2030 and the National Tourism Strategy,” said al-Fakhri.
“This latest collaboration with Melia Hotels International is a step towards the Kingdom’s transformation into a leading tourism destination globally.”
The new agreement is in line with the Fund’s efforts to diversify its investments within the Kingdom by launching hotels that comply with the highest international hospitality standards.
“Saudi Arabia’s natural and geographic diversity offers promising opportunities to develop high-quality hospitality projects. In that respect, we are pleased to establish this MoU with the Tourism Development Fund and look forward to playing a role in the achievement of the ambitious objectives of Saudi Vision 2030,” said the hotel group’s CEO.
“We are committed to developing these three projects according to the highest international standards and in line with the Kingdom’s distinct identity on the world stage.”
Saudi Arabia has experienced tremendous success so far in achieving many goals set forth by the government under Vision 2030 – a transformative economic and social reform blueprint that was launched in 2016.
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