Saudi Arabia’s Tourism Development Fund (TDF) has signed a key finance agreement with Shada Real Estate Development and Investment Company to set up a 4-star boutique hotel featuring 110 hotel rooms in Jeddah.
Announcing the strategic partnership at the Future Hospitality Summit (FHIS) in Riyadh, TDF said the hotel will be characterized by its design, inspired by the local style mixed with architectural touches specific to the Makkah region.
Through this deal, Shada Development and Real Estate Investment aims to revive, preserve and highlight the essence of the cultures of the various regions in the kingdom, especially the architectural cultural heritage of the city of Jeddah.
TDF’s agreement with Shada will contribute to the growth of the kingdom’s economy and achieve the goals set out within the National Tourism Strategy, said a top official.
“Our purpose is to be the main enabler for investors, in order to serve the objectives of the National Tourism Strategy,” remarked its CEO Qusai bin Abdullah Al Fakhri.
“This agreement with our partner Shada is one of the ways in which the fund is helping to activate tourism destinations in the kingdom, which will contribute to supporting investment and motivating investors in the private sector through financing tourism projects,” he added.
Lauding the agreement, Shada Hospitality CEO Reem Garrash said the private sector was playing a vital role in the kingdom’s economic development through projects that enriched the tourist experience.
“Jeddah is a top tourist destination due to its geographical location between Makkah and Madinah, in addition to the richness of its urban features and its urban development distinction, which makes it an attractive destination for tourists from all over the world,” she added.
