Saudi Arabia’s Tourism Development Fund (TDF) and Karisma Hotels & Resorts International signed a Memorandum of Understanding (MOU), exploring alternatives for growing luxurious resorts in Saudi Arabia. The signing occurred on seventeenth April on the International Hospitality Investment Forum (IHIF) in Berlin.
This partnership represents a strategic alliance because it unlocks a brand new potential for the tourism trade. The mutually useful settlement outlines a roadmap to figuring out a strategy for investing and offering monetary and non-financial assist to a vibrant ecosystem of buyers, purchasers and companions bringing tourism and hospitality to distinctive areas.
“The Tourism Development Fund is unlocking an important potential with Karisma Hotels & Resorts as we be part of forces to discover the feasibility of funding and supportive progressive initiatives that can considerably contribute to the rising of tourism sector” mentioned Qusai Al-Fakhri, CEO of TDF.
“We are proud to announce the corporate’s vital entrance into Saudi Arabia with a number of resort developments all through the Kingdom, in collaboration with our companions and native builders. Leveraging our experience in conceptualizing, growing, proudly owning, and managing All-Inclusive and European Plan (EP) experiential leisure resorts worldwide, Karisma will introduce first-of-its-kind experiential leisure accommodations in partnership with worldwide acclaimed manufacturers, bringing a brand new providing of leisure holidays to the Kingdom.” Esteban Velasquez, CEO of Karisma Hotels and Resorts.
The Tourism Development Fund goals to attach the world with alternatives within the Kingdom of Saudi Arabia’s high-growth tourism sector. TDF provides monetary and non-financial assist to each worldwide non-public buyers and home-grown small and medium-sized companies, in addition to entrepreneurs.
Karisma Hotels and Resorts is famend for its various portfolio of distinctive manufacturers, every providing distinct experiences tailor-made to completely different preferences. From the family-friendly luxurious all-inclusive of Nickelodeon Hotels & Resorts, that includes immersive experiences impressed by beloved Nickelodeon characters, to the laid-back island vibes of Margaritaville Island Reserve ® by Karisma and Margaritaville Beach Resort Ambergris Caye, BOR resort and Azul Beach Resorts by Karisma.
This signing between TDF and Karisma Resorts comes throughout an vital period as Saudi Arabia’s hospitality trade is booming because it represents vital funding alternatives. This is occurring because the Kingdom has reached to its goal, set out for 2030, of 100 million annual guests. This goal was already achieved in 2023, which led to a brand new goal that goals to welcome 150 million guests to Saudi Arabia by 2030.