Saudi Arabia and Karisma Hotels and Resorts International Join Forces to Develop Luxury Resorts
In a groundbreaking move, Saudi Arabia is gearing up to welcome the development of new luxury resorts as the Tourism Development Fund partners with Karisma Hotels and Resorts International. The signing of a memorandum of understanding took place at the International Hospitality Investment Forum in Berlin, marking a significant milestone in the Kingdom’s tourism sector.
Exploring Opportunities and Enhancing Tourism
The MoU aims to explore opportunities for developing resorts and enhancing new areas of the tourism and hospitality sector in Saudi Arabia. It outlines a roadmap for investing and providing financial and non-financial support to investors, clients, and partners, creating a vibrant ecosystem of growth and innovation.
Unlocking Potential in the Tourism Sector
TDF CEO Qusai Al-Fakhri expressed excitement about the partnership, stating, “The Tourism Development Fund is unlocking great potential with Karisma Hotels and Resorts to significantly contribute to the growth of the tourism sector. Together, we will explore the feasibility of funding innovative projects that will shape the future of tourism in the Kingdom.”
A Vision for Growth
Karisma Hotels and Resorts CEO Esteban Velasquez highlighted the company’s commitment to Saudi Arabia, announcing multiple hotel developments throughout the Kingdom. The partnership will introduce experiential leisure hotels in collaboration with renowned brands, offering a new and unique vacation experience for travelers in Saudi Arabia.
Revised Tourism Targets and Economic Impact
With a revised target of 150 million visitors by 2030, Saudi Arabia’s tourism sector is poised for exponential growth. The sector plays a crucial role in the national economy, with spending exceeding SR250 billion ($66.7 billion) in 2023. By 2030, tourism is expected to contribute 10 percent to the non-oil GDP and create 1 million job opportunities, highlighting its significance to the Kingdom’s economy.
Paving the Way for Investment
During a panel discussion, Deputy Minister of Investment Attraction Mahmoud Abdulhadi emphasized the Kingdom’s potential for international and local businesses to invest in the tourism industry. The Hospitality Investment Enablers initiative, part of the Investment Enablers Program under Vision 2030, aims to enhance tourism offerings, boost hospitality facilities, and attract private investments in the sector.