Dubai: Saudi Arabia’s Tourism Development Fund (TDF) signed an agreement with Playa Hotels & Resorts to introduce its all-inclusive resort offering to Saudi coasts, including the Arabian Gulf and the Red Sea, on Tuesday.
TDF will also explore funding opportunities to support private sector investments, including foreign direct investment (FDI) represented by Playa’s equity in the projects.
This will be Playa’s first launch outside the Americas.
Qusai Al Fakhri, CEO of TDF, said: “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.”
Bruce D. Wardinski, chairman and CEO of Playa Hotels & Resorts, said the concept “will benefit tourists through a world-class, elevated offering”.
“At a time when the all-inclusive segment is rapidly growing, we have a strong track record of translating our extensive management and investment expertise into real value for our stakeholders, employees, and the local communities in which we are located. We look forward to serving investors and tourists alike in the Kingdom.”
Playa owns and operates all-inclusive resorts in Mexico and throughout the Caribbean, and has long-term partnerships with brands such as Hyatt, Hilton, and Wyndham.