Saudi Arabia’s Tourism Development Fund (TDF) has signed a Memorandum of Understanding (MoU) with Ennismore, a London-based developer, at the Future Investment Initiative (FII) to establish a $400 million fund that would bring its lifestyle brands to at least 12 destinations in the kingdom.
TDF would identify locations and provide financing options for projects across the kingdom under the terms of the MoU, while Ennismore would be in charge of the programming, design, and operations of the destinations under its lifestyle brands.
Ennismore is a joint venture between Mr. Sharan Pasricha, Founder & Co-CEO of Ennismore, and hospitality giant Accor. Accor is one of the world’s largest and fastest-growing lifestyle companies, with 87 operating properties and another 141 in the pipeline.
The development of lifestyle destinations, an underserved segment of the Saudi tourism industry, would be aligned with the National Tourism Strategy’s 10 key destinations, which include Riyadh, Jeddah, Eastern Province, Aseer, Al Ula, Taif, Madinah, Al-Baha, Hail, and Al-Jouf, and would deliver around 2,000 keys.
H.E. Qusai Al-Fakhri CEO – TDF
“We continue to enable private sector investors to benefit from the massive opportunities offered by Saudi’s growing tourism sector. The fund would channel private sector investments to various areas of the Kingdom, enriching the visitor experience and enhancing the value of strategic projects through globally renowned hospitality brands. These new lifestyle destinations would create unique experiences for visitors and residents to enjoy, providing them with exciting entertainment and Food and Beverages (F&B) offerings, as well as co-working spaces.”
TDF will provide new opportunities for private sector investors in the Saudi tourism space, while aligning with wider sustainable tourism efforts throughout the Kingdom, prioritizing the protection of nature and supporting local communities. Both TDF and Ennismore are committed to employing, training, and developing Saudi talent, creating up to 3,000 jobs.
Increasing the presence of lifestyle hospitality brands is at the heart of the Kingdom’s strategy for welcoming brands that take an active role in driving community and build deep connections with guests through shared values, unique design, and authentic restaurant destinations, both for international visitors and locals.
