The Tourism Development Fund (TDF) of Saudi Arabia has announced the signing of a framework agreement with Playa Hotels & Resorts to introduce its all-inclusive resort offering to the destination.
Properties are planned on the coasts of the Arabian Gulf and the Red Sea.
Through the agreement, TDF aims to provide tourists with a luxurious and one-of-a-kind experience by bringing Playa Hotels & Resorts’ innovative concept to Saudi Arabia, marking its first launch outside of the Americas.
TDF will also explore funding opportunities to support private sector investments, including foreign direct investment represented by Playa’s equity in the projects.
The agreement was signed at the TDF headquarters by Qusai Al-Fakhri, chief executive of TDF, and Bruce Wardinski, chairman and chief executive officer of Playa Hotels & Resorts.
Al-Fakhri said: “Through this partnership with Playa Hotels Resorts, we demonstrate our commitment to providing the kingdom with the latest in world-class hospitality offerings.
“This agreement is the most recent in a series of efforts to enable the private sector to develop high-potential tourism destinations in line with the national tourism strategy.
“We look forward to continuously innovating to bring tourists and investors unparalleled opportunities like this.”
Playa Hotels & Resorts is the owner and operator of all-inclusive resorts in Mexico and throughout the Caribbean.