27 OCTOBER 2021
Ennismore & Tourism Development Fund signed a Memorandum of Understanding to explore the establishment of a USD 400 million fund.
The Memorandum of Understanding (MoU) was signed at the 5th Future Investment Initiative (FII) in Riyadh and would bring Ennismore’s lifestyle brands to at least 12 destinations in Saudi Arabia.
Under the MoU, TDF would identify locations and provide financing options for projects throughout the Kingdom, while Ennismore would lead on programming, design and operations of the destinations, under its lifestyle brands. The development of lifestyle destinations – an undersupplied segment of the Saudi tourism industry – would align with the National Tourism Strategy’s 10 key destinations, including Riyadh, Jeddah, Eastern Province, Aseer, Al Ula, Taif, Madinah, Al-Baha, Hail and Al-Jouf, delivering around 2,000 keys.
TDF would continue to 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.
During a ceremony attended by His Excellency Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia and Chairman of TDF, Sébastien Bazin, Chairman and CEO of Accor and Qusai Al-Fakhri, CEO of TDF, signed the MoU in the presence of Sharan Pasricha and Gaurav Bhushan, Co-CEOs of Ennismore.