by Donald Wood
Last updated: 11:00 AM ET, Tue March 15, 2022
Saudi Arabia's Tourism Development Fund (TDF) announced the signing of a new deal that will bring Playa Hotels & Resorts and its all-inclusive resort offerings to the Middle Eastern country.
As part of the agreement, the TDF will bring Playa's innovative concept to the Saudi Arabian coasts-including the Arabian Gulf and the Red Sea-marking the luxury brand's first launch outside of the Americas.
The TDF will also explore funding opportunities to support private sector investments, including Foreign Direct Investment (FDI) represented by Playa's equity in the projects. The deal was reached as part of Saudi Arabia's efforts to enhance the tourism experience and become a top destination for travelers.
The agreement was signed during a ceremony featuring TDF Chief Executive Officer Qusai Al-Fakhri and Playa Chairman Bruce D. Wardinski.
"We are pleased to partner with TDF to bring this unique concept to the Kingdom, which will benefit tourists through a world-class, elevated offering," Wardinski said. "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."
Playa Hotels & Resorts is the leading owner and operator of all-inclusive resorts in Mexico and throughout the Caribbean. The company found success through long-term partnerships with trusted global hotel brands such as Hyatt, Hilton and Wyndham.
"Through this partnership with Playa Hotels Resorts, we demonstrate our commitment to providing the Kingdom with the latest in world-class hospitality offerings," Al-Fakhri 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."
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