Saudi’s TDF inks 2 financing agreements to develop Jeddah projects

By Shilpa Annie Joseph, Desk Reporter
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Durrat Al Arous
Representational Image

Saudi Arabia’s Tourism Development Fund (TDF) has signed two financing agreements with Dallah Al-Baraka Group and Dallah Real Estate Company, to develop a tourism project at the Durrat Al Arous resort in Jeddah.

Under the first agreement, TDF will provide money for the development of the ‘Durrat Lagoon’ destination, which will be managed by Hotel Indigo, a leading boutique brand that is part of IHG Hotels and Resorts’ preferred brands portfolio.

The second agreement was made with 17Sixty to provide a variety of unique recreational activities and adventures for visitors to the Durrat Al Arous resort, allowing them to safely explore the depths of the Red Sea.

According to the reports, TDF continues to support the development of tourist attractions across the Saudi tourism sector, expanding the visitor experience and increasing the value and effect of important initiatives.

Mr. Qusai Al-Fakhri, CEO of TDF said, “Achieving sustainability in the Saudi tourism sector requires directing investments and support towards diversified projects that provide a comprehensive tourism experience – and these agreements with Dallah Real Estate Company and 17sixty reflect this.”

Haitham Mattar
Haitham Mattar
Managing Director
IHG – IMEA

“The financing and support services provided by the Tourism Development Fund contribute significantly to enhancing the experiences of investors and the value of their projects, as well as boosting the Kingdom’s ability to attract tourists from around the world. We are honored to have this exciting opportunity to partner with the Dallah Al-Baraka Group in Saudi Arabia and to strengthen our existing relationship. We continue to facilitate and support Saudi’s Vision 2030 and its inspiring transformation as a destination of the future.”

“TDF is focused on providing innovative solutions that link investors to the abundant opportunities in the Saudi tourism sector, contributing to achieving the objectives of the National Tourism Strategy and consolidating the Kingdom’s position as a tourist destination that attracts visitors from all over the world. Our investments in the tourism sector support Saudi’s goals of developing tourist facilities and diversifying recreational activities to meet the needs and aspirations of domestic and foreign visitors,” commented Mr. Mohiuddin Saleh Kamel, Vice Chairman of the Board of Directors of Dallah Al-Baraka Group.

Related: Abu Dhabi’s Miral launches Noor Initiative to excel in tourism sector


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