SAUDI ARABIA. Global hospitality developer Ennismore, Tourism Development Fund (TDF) and Al Rajhi Capital have combined to establish a new hospitality investment fund for the Kingdom of Saudi Arabia. The fund has initial capital of SAR1.5 billion (US$400 million).
The tripartite agreement aims to enhance promising opportunities for lifestyle hotels at various tourist destinations within the country.
The initiative builds on the initial MoU to launch such an investment fund signed by TDF and Ennismore during the Future Investment Initiative in October 2021.
The new agreement was signed by TDF CEO Qusai Al Fakhri, Ennismore Co-CEO Gaurav Bhushan and Al Rajhi Capital Head of Real Estate Assem Raqaban, who attended on behalf of CEO Waleed AlRashed AlHumaid.
TDF will invest in the fund, while Ennismore will lead on developing and operating the arising projects under the umbrella of its lifestyle brands. Al Rajhi Capital will manage the investment fund and attract investments.
Ennismore said the fund aims to enrich visitor experiences through the development of modern and sustainable tourist destinations that build closer connections with international and local tourists. As well as creating leisure facilities and food & beverage experiences, these efforts are expected to provide around 2,000 hotel rooms.
Ennismore noted that it will further cement its commitment to the growing hospitality sector in the region through the employment and training of Saudi nationals.
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For details, contact Martin Moodie at Martin@MoodieDavittReport.com
