Tourism Development Fund, Ennismore and Al Rajhi Cap sign agreement to establish SAR 1.5 bln investment fund
Tourism Development Fund (TDF) announced, today, the signing of a tripartite partnership agreement with Ennismore and Al Rajhi Capital to establish an investment fund with a capital of SAR 1.5 billion.
According to the SPA-published TDF statement, the agreement aims to establish a hospitality investment fund that will advance the modern ”Lifestyle” hotels, thus enhancing promising sector-leading opportunities in various tourist destinations within the Kingdom.
Under this agreement, TDF will invest in the newly established investment fund, while Ennismore will lead on designing and operating these projects under the umbrella of its “Lifestyle” brands.
Al Rajhi Capital will manage the investment fund and attract investments, while all three parties will identify locations and provide financing options for said projects.
TDF and Ennismore signed an MoU last October to consider launching an investment fund, with a capital of SAR 1.5 billion, focused on developing more than 12 lifestyle hotels in the Kingdom, according to data available with Argaam.