The agreement outlines a collaborative approach to boost Saudi Arabia’s tourism sector. Credit: Mohammed younos via Shutterstock.

The Tourism Development Fund (TDF) and Karisma Hotels & Resorts have signed a memorandum of understanding (MOU) to explore the development of luxury resorts in Saudi Arabia.

The agreement, signed on 17 April at the International Hospitality Investment Forum in Berlin, outlines a collaborative approach to boost the kingdom’s tourism sector by providing financial and non-financial support to a network of investors, clients, and partners.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

TDF CEO Qusai Al-Fakhri stated, “The Tourism Development Fund is unlocking a great potential with Karisma Hotels & Resorts as we join forces to explore the feasibility of funding and supportive innovative projects that will significantly contribute to the growth of the tourism sector.”

This partnership aims to leverage Karisma’s expertise in creating unique leisure experiences to introduce new hospitality offerings in the country.

Karisma Hotels and Resorts CEO Esteban Velasquez commented, “We are proud to announce the company’s significant entrance into Saudi Arabia with multiple hotel developments throughout the Kingdom, in collaboration with our partners and local developers.

Leveraging our expertise in conceptualising, developing, owning, and managing All-Inclusive and European Plan (EP) experiential leisure resorts worldwide, Karisma will introduce first-of-its-kind experiential leisure hotels in partnership with worldwide acclaimed brands, bringing a new offering of leisure vacations to the Kingdom.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The TDF’s mission is to connect international private investors, local small and medium-sized enterprises, and entrepreneurs with the rapidly expanding tourism sector in Saudi Arabia.

Karisma Hotels and Resorts is known for its diverse portfolio of brands, such as Nickelodeon Hotels & Resorts and Margaritaville Island Reserve by Karisma, which cater to various guest preferences.

The signing marks a significant moment for Saudi Arabia’s hospitality industry, which is experiencing a surge in investment opportunities.

The country has already surpassed its 2030 goal of 100 million annual visitors last year and has set a new target of welcoming 150 million visitors by 2030, underscoring the country’s commitment to expanding its tourism industry.