Tourism Development Fund and Ennismore sign MoU to explore $ 400 million investment fund
Riyadh, Kingdom of Saudi Arabia – The Tourism Development Fund (TDF) and Ennismore today signed a Memorandum of Understanding (MoU) at the 5th Future Investment Initiative (FII) in Riyadh to explore the creation of a $ 400 million fund (SAR 1.5 billion) that would bring the Ennismore brands lifestyle to at least 12 destinations in Saudi Arabia.
The development of lifestyle destinations – an underserved segment of the Saudi tourism industry – would align with the 10 key destinations in the national tourism strategy, including Riyadh, Jeddah, Eastern Province, Aseer, Al Ula, Taif , Medina, Al-Baha, Hail and Al-Jouf, delivering around 2000 keys.
TDF would continue to provide new opportunities for private sector investors in the Saudi tourism space, while aligning with broader sustainable tourism efforts across the Kingdom, prioritizing nature protection and supporting local communities. TDF and Ennismore are committed to employing, training and developing Saudi talent, creating up to 3,000 jobs.
Increasing the presence of lifestyle hotel brands is at the heart of the Kingdom’s strategy to welcome brands that play an active role in animating the community and establishing close ties with customers through shared values, unique design and authentic dining destinations, both for international visitors and locals. .
During a ceremony in the presence of His Excellency Ahmed Al Khateeb, Minister of Tourism of Saudi Arabia and Chairman of TDF, Sébastien Bazin, Chairman and Chief Executive Officer of Accor and Qusai Al-Fakhri, Chief Executive Officer of TDF, signed the memorandum of understanding in the presence of Sharan Pasricha and Gaurav Bhushan, co-CEO of Ennismore.
Qusai Al-Fakhri, CEO of TDF, said: “This MoU marks an important milestone for TDF as we continue to enable private sector investors to benefit from the enormous opportunities offered by Saudi Arabia’s growing tourism sector. The fund would channel private sector investments to various regions of the Kingdom, enriching the visitor experience and enhancing the value of strategic projects through world-renowned hotel brands. These new lifestyle destinations would create unique experiences for visitors and residents, providing them with exciting entertainment and dining offerings, as well as co-working spaces. They would also focus on the social, environmental and economic sustainability of the areas in which they are located. “
Gaurav Bhushan and Sharan Pasricha, Co-CEOs of Ennismore, added: “Saudi Arabia is a key growth market for Ennismore and we are delighted that this partnership with TDF consolidates our commitment to the Kingdom’s tourism sector. By expanding our presence across Saudi Arabia, we are proud to support the creation of investment and job opportunities that will help enrich the tourism experience. We look forward to bringing our brands with their unique design and authentic experiences to the Kingdom. “
TDF was established in June 2020 with $ 4 billion in capital to boost tourism growth in Saudi Arabia. The Fund works to unify the efforts of the tourism sector and its partners, including lenders, operators and service providers, to improve the investment experience and facilitate the private sector’s access to opportunities in various regions of the Kingdom which are distinguished by their natural, geographical, and cultural offerings.
About the Tourism Development Fund
The Tourism Development Fund (TDF) was established in 2020 with $ 4 billion in capital to boost tourism growth in Saudi Arabia. TDF enables local and international investors to take advantage of the sector’s strong potential by providing viable financing solutions and leveraging its large network of partners including government entities, public and private lenders as well as operators and providers. of services… all deployed to bring investments to life. .
Well positioned at the heart of the Saudi tourism ecosystem, TDF is well positioned to offer advice and financing options to SMEs, and tailor-made investment solutions to qualified investors. The vision of the Fund is to contribute to the achievement of the objectives of the National Tourism Strategy by opening up opportunities in the tourism value chain for private sector investors, while focusing on long-term sustainability.
Ennismore is a creative hospitality company steeped in culture and community, with a global collective of entrepreneurial brands and founded by founders with one goal at heart. He organizes and manages unique properties and experiences in some of the world’s most exciting destinations. The Ennismore team is made up of some of the industry’s brightest doers, thinkers and decision makers inside and outside – including an in-house design studio, a fully integrated F&B concept platform and a laboratory for technological innovation and digital products – which together create brands that inspire discovery.
Founded in 2011 by entrepreneur Sharan Pasricha, Ennismore and Accor formed a joint venture in 2021, creating the world’s fastest growing lifestyle hotel company, bringing together an unrivaled portfolio of global brands, with Ennismore’s know-how in building brands with creative storytelling, design and authentic experiences, with Accor’s wealth of knowledge in scalability, network growth and distribution.
Under the leadership of Sharan Pasricha, Founder and Co-CEO, and Gaurav Bhushan, Co-CEO, Ennismore includes 14 hotel and coworking brands and a collection of over 150 culturally relevant and diverse restaurants and nightlife destinations. The portfolio includes 87 properties in operation worldwide, with 141 more hotels in the pipeline in different regions, with strong growth coming from The Hoxton, Mondrian, SLS, SO / and Tribe; complemented by flagship restaurant brands Bibo, Carna, Fi “Lia and Seabird. Ennismore is committed to making a positive impact on the world, with a focus on creating inclusive communities within its teams and in locations where she lives.
Ennismore was included in Fast Company’s World’s Most Innovative Companies Lists in 2020 and 2021; ranked # 29 in the FT1000: fastest growing companies in Europe; and is part of the FT Future 100 – the UK’s fastest growing companies shaping the future of their industry.
The Ennismore brands: 21c Museum Hotel, 25hours, Delano, Gleneagles, Hyde, Jo & Joe, Mama Shelter, Mondrian, Morgans Originals, SLS, SO /, The Hoxton, Tribe and Working From_