Saudi Arabia’s Tourism Development Fund (TDF) has signed a framework agreement with Playa Hotels & Resorts to introduce its all-inclusive resort offering to the Saudi Arabian coasts including the Arabian Gulf and the Red Sea.

Through the agreement, TDF aims to provide tourists with a luxurious and one-of-a-kind experience by bringing Playa Hotels & Resorts’ innovative concept to Saudi Arabia, marking its first launch outside of the Americas. Ultimately, the agreement will serve to enhance the Kingdom’s tourist experience while supporting job creation in the sector.

TDF will also explore funding opportunities to support private sector investments, including Foreign Direct Investment (FDI) represented by Playa’s equity in the projects. TDF supports the diversification of tourism investments in the Kingdom through the launch of new and unique hospitality projects in accordance with the highest global standards, in alignment with the National Tourism Strategy.

The agreement was signed at the Fund's headquarters by Qusai Al-Fakhri, CEO of TDF and Bruce D Wardinski, Chairman and Chief Executive Officer of Playa Hotels & Resorts.
 
Al-Fakhri said: “Through this partnership with Playa Hotels Resorts, we demonstrate our commitment to providing the Kingdom with the latest in world-class hospitality offerings. This agreement is the most recent in a series of efforts to enable the private sector to develop high-potential tourism destinations in line with the National Tourism Strategy. We look forward to continuously innovating to bring tourists and investors unparalleled opportunities like this.”

Wardinski said: “We are pleased to partner with TDF to bring this unique concept to the Kingdom, which will benefit tourists through a world-class, elevated offering. At a time when the all-inclusive segment is rapidly growing, we have a strong track record of translating our extensive management and investment expertise into real value for our stakeholders, employees, and the local communities in which we are located. We look forward to serving investors and tourists alike in the Kingdom.”

Playa Hotels & Resorts is the leading owner and operator of all-inclusive resorts in Mexico and throughout the Caribbean, and its formula for success is its long-term partnership with some of the most respected and trusted global hotel brands such as Hyatt, Hilton, and Wyndham.

Through these partnerships, guests are assured new standards of cleanliness while enjoying Playa's unmatched experience of luxury. The Group’s all-inclusive model offers competitive advantages including predictable revenue and occupancy, greater share of customer wallet, generating additional revenue through high-margin premium services, and high customer satisfaction.

TDF plays a pivotal role in advancing tourism development in Saudi Arabia by enabling private investors to participate in the sector. It provides support to SMEs and large institutions alike, ranging from planning to providing support from various tourism-related government agencies. The Fund offers a variety of tailored solutions that suit the needs of investors, including direct financing, bank guarantees, and co-financing with banks. – TradeArabia News Service