Tourism Development Fund Co-sign MoU with ENNISMORE

The Tourism Development Fund co-signed a memo of understanding with ENNISMORE.

It is about discussing launching an investment fund with a capital of SR1.5 billion, with the aim of developing more than 12 hotels, in the Kingdom, in the “lifestyle” category, targeting lovers of leisure tourism and providing a variety of recreational facilities and dining experiences.

The ceremony has taken place, under the patronage of Minister of Tourism, Chairman of the Board of Directors of the Tourism Development Fund Ahmed Al-Khatib.

The memo of understanding was signed, during the 5th edition of the Future Investment Initiative, in Riyadh, where the chairman and chief executive officer of AccorHotels, Sebastian Bazin, and CEO of the Tourism Development Fund Qusay Al-Fakhri co-signed it.

According to the memo, the Tourism Development Fund will locate and provide financing options for these projects, while ENNISMORE will financially participate, design and operate the projects, under a range of its Lifestyle Hotels brands, and the board of directors of the planned fund, will determine the time frame for implementing of the targeted projects.