Saudi Tourism Fund Signs Pact With Spain’s Melia to Set Up Three Hotel Projects, With US$266.5m Investment
Main Photo: The Gran Melia de Mar, Mallorca
Date: July 2022
Name: Tourist Development Fund (TDF) and Melia Hotels International
Locations: Riyadh, Jeddah and the Eastern Province, Saudi Arabia
Number of Keys: TBA
Funder: Tourism Development Fund
Manager: Melia Hotels International, owner and operator of 350 hotels in 40 countries, with eight brands
The Tourism Development Fund (TDF) of Saudi Arabia and leading Spanish hotel chain Melia Hotels International has entered into a pact to bring new tourism concepts focused on leisure, f&b and entertainment to three key destinations in the Kingdom.
Riyadh, Jeddah and the Eastern Province are the three destinations where the hotel projects are to come up.
TDF and Melia will develop high-quality tourism destinations, with a total project value of more than SAR 1 billion ($266.5 million) for the three destinations.
TDF and Melia Hotels International have signed a memorandum of understanding (MoU) for the hotel projects at TDF’s headquarters in Riyadh.
The MoU was signed by Qusai Al-Fakhri, CEO of the TDF, and Gabriel Escarrer, CEO and vice chairman of Melia Hotels International.
TDF’s pact with the Spanish hotel chain is part of Saudi Arabia’s national tourism strategy and aimed at enhancing tourism and entertainment offerings within these areas earmarked for development.
The MoU is also in line with the Fund’s focus on diversifying investments within the Kingdom by launching hotel projects in compliance with the highest international industry standards.
Commenting on the fund’s new initiative, Qusai Al-Fakhri said: “The MoU with Melia Hotels International is an extension of our ongoing efforts to drive tourism development in the Kingdom in line with both the objectives of Saudi Vision 2030 and the National Tourism Strategy.”
“This latest collaboration with Melia Hotels International is a step towards the Kingdom’s transformation into a leading tourism destination globally,” Al-Fakhri added.
TDF contributes towards the objectives of the National Tourism Strategy, while improving the quality of life for residents and tourists alike.
“Saudi Arabia’s natural and geographic diversity offers promising opportunities to develop high-quality hospitality projects,” Escarrer said.
“We look forward to playing a role in the achievement of the ambitious objectives of Saudi Vision 2030. We are committed to developing these three projects according to the highest international standards and in line with the Kingdom’s distinct identity on the world stage, ” the Melia chief executive said.
Price: SAR 1bn
Price per Key: TBA
THPT Comment: Saudi fulfilling it’s ambitions in Saudi Vision 2030….Melia getting it’s debut in Saudi, with only two hotels in The Gulf (UAE). Good partnership
First Seen: Arabian Business
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