Tourism Breaking News
The Tourism Development Fund (TDF) has announced the signing of a Memorandum of Understanding (MoU) with the Radisson Hotel Group to develop hospitality and tourism projects across the Kingdom of Saudi Arabia. The first project under this memorandum is expected to be announced in H2 of 2023. The strategic partnership between the two parties will see the development of several properties focused on urban hotels, resorts, serviced apartments and other unique assets with the objective of enhancing the tourism offering in the country. The properties will be developed over the next several years in the targeted destinations under the Saudi National Tourism Strategy and in line with the Saudi Vision 2030. The developments will be under Radisson’s leading brands, to be agreed upon by the parties, it is worth noting that the work of the strategic partnership has been already started between the two parties.
The TDF enables world-class companies to invest in, develop, and operate high-quality hospitality, lifestyle, entertainment, and other iconic projects within Saudi Arabia. These investments provide nationals, residents and visitors with more tourism and leisure options, enhancing the quality of life across the Kingdom. Radisson Hotel Group is a leading international hotel group, already present with 26 hotels and resorts and more than 20 properties under development in the country, across several of its leading brands such as Radisson Collection, Radisson Blu, Radisson and Park Inn by Radisson which can be found in key urban and coastal locations. Under this agreement with the TDF, Radisson plans to grow its portfolio by a further several hotels to a total portfolio of over 50 hotels in the Kingdom.
Commenting on the agreement, Qusai Al-Fakhri, CEO of the Tourism Development Fund, said, “It is with great pleasure that we anticipate this project development with Radisson Hotel Group in Saudi Arabia. The hotel group already has several successful and attractive hotels within the Kingdom; we are glad to expand their roster in line with the National Tourism Strategy. The signing comes at an opportune time when Saudi Arabia is witnessing unprecedented growth”.
Federico Gonzalez, Execute Vice Chairman of Radisson Hotel Group said, “Radisson Hotel Group continues to bring more of its brands to the Kingdom of Saudi Arabia by collaborating with key tourism and hospitality real estate investors. The Saudi Vision 2030 is offering huge prospects across sectors, including hospitality, and we are pleased to partner with the Tourism Development Fund to continue to be a part of this growth and exciting future.”
