-KH News Desk
On July 19, Saudi-based Tourism Development Fund (TDF) signed a three-party agreement with Ennismore, one of the world’s largest and fastest-growing lifestyle hospitality companies, and Al Rajhi Capital, a leading asset manager in the kingdom, to establish a hospitality investment fund with a capital of $400 millionthat will advance lifestyle hotels.
The move is aimed at helping enhance promising sectors of tourism.
This partnership deal adds the initial, mission in October last year when TDF and Ennismore signed the agreement to launch an investment fund focused on developing lifestyle hotels in the kingdom at the 5th edition of the Future Investment Initiative (FII).
TDF said it will invest in the newly established investment fund, while Ennismore will lead on developing and operating these projects under the umbrella of its lifestyle brands. Al Rajhi Capital will manage the investment fund and attract investments.
The agreement was signed by TDF Chief Executive Officer Qusai Al Fakhri, Ennismore Co-CEO Gaurav Bhushan and Al Rajhi Capital CEO Waleed AlRashedAlHumaid at a key ceremony held in Riyadh.
“This partnership shows our commitment and dedication to our initial agreements and marks an important milestone towards fulfilling the targets of the National Tourism Strategy to consolidate the Kingdom’s position as a global tourist destination by leveraging the promising opportunities the Saudi tourism sector presents,” noted Al Fakhri.
This agreement is also to mark an advancement in the tourism sector of the kingdom, while opening private sectors to invest in hospitality.