Saudi-based Tourism Development Fund (TDF) has signed two financing agreements with Dallah Al Baraka Group and Dallah Real Estate Company, a leading developer of real estate and tourism projects, for a major tourism project at the Durrat Al Arous resort in Jeddah.
The first agreement includes funding from TDF to develop the ‘Durrat Lagoon’ destination, which will be operated by Hotel Indigo, a leading boutique brand and part of IHG Hotels and Resorts’ portfolio of preferred brands, said the statement from TDF.
The second agreement was signed with 17Sixty to provide a variety of first-of-their-kind recreational activities and adventures, enabling visitors of the Durrat Al-Arous resort to safely explore the depths of the Red Sea.
Through these agreements, TDF continues to enable the development of tourist destinations in various areas of the Saudi tourism sector, enriching the visitor experience and enhancing the value and impact of strategic projects in the sector, it stated.
Achieving sustainability in the Saudi tourism sector requires directing investments and support towards diversified projects that provide a comprehensive tourism experience – and these agreements with Dallah Real Estate Company and 17sixty reflect this, remarked its CEO Qusai Al Fakhri after signing the deal with Mohiuddin Saleh Kamel, the Vice Chairman of the Board of Directors of Dallah Al Baraka Group.
“We are focused on providing innovative solutions that link investors to the abundant opportunities in the Saudi tourism sector, contributing to achieving the objectives of the National Tourism Strategy and consolidating the Kingdom’s position as a tourist destination that attracts visitors from all over the world,” he added.
Saudi Arabia has an ambitious national tourism strategy under which it aims to develop 10 main destinations in various areas of the kingdom. These destinations are characterized by broad diversity where history and culture meet the beauty of nature, and a wealth of ancient monuments.
Kamel said Dallah Al Baraka’s investments in the tourism sector support Saudi’s goals of diversifying recreational activities to meet the needs and aspirations of domestic and foreign visitors.
“The financing and support services provided by TDF contribute significantly to enhancing the experiences of investors and the value of their projects, as well as boosting the Kingdom’s ability to attract tourists from around the world.”
Haitham Mattar, Managing Director, IMEA, IHG, said: “We are honored to have this exciting opportunity to partner with Dallah Al Baraka Group in Saudi Arabia and to strengthen our existing relationship. We continue to facilitate and support Saudi’s Vision 2030 and its inspiring transformation as a destination of the future.”
Hotel Indigo, IHG’s boutique brand, creates immersive experiences based on neighborhood stories through creatively crafted spaces that reflect an area’s heritage and character, he added.