Saudi Tourism Development Fund (TDF) signed a memorandum of understanding (MoU) with Palladium Hotel Group to study development opportunities and projects across several regions of the Kingdom.

The MoU aims to enhance cooperation between the two sides, assess opportunities, and conduct feasibility studies for projects, including identifying appropriate investment structures and reviewing technical and operational arrangements, in line with the National Tourism Strategy and Saudi Vision 2030, reported SPA.

It paves the way for Palladium Hotel Group’s entry into Saudi Arabia as one of the distinguished brands in the field of high-quality all-inclusive hotels and integrated resorts, which focus on contemporary hospitality and lifestyle experiences, meeting the aspirations of diverse visitor segments seeking unique tourism offerings.

TDF Chief Executive Officer Qusai bin Abdullah Al-Fakhri stated that the MoU represents a new milestone in the fund’s journey to enable the Kingdom’s tourism sector, as it continues to attract quality investments and global expertise that contribute to developing and enriching the tourism offering across various regions with world-class hospitality facilities.

He expressed pride in this cooperation to evaluate and study opportunities and to establish clear foundations for high-impact projects that support the National Tourism Strategy and Saudi Vision 2030.

For his part, Palladium Hotel Group Chief Executive Officer Jesus Sobrino described the partnership as a unique opportunity to explore potential entry into Saudi Arabia’s tourism sector, which is rich with distinctive investment opportunities and experiencing rapid growth.

Under the MoU, the two sides will begin their cooperation with initial assessment studies of tourism investment opportunities in Jeddah and Yanbu. They will identify avenues for collaboration by leveraging the distinctive incentives and investment enablers offered by TDF.

Palladium Hotel Group is one of the world’s largest hospitality groups, with more than 50 years of experience in developing, operating, and managing hotels and resorts. Its investment portfolio includes 45 hotels worldwide across the Americas, Europe, the Middle East, and Africa, as well as a portfolio of international restaurants, offering integrated tourism experiences that will enhance the Kingdom’s tourism offering.