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Minor Hotels signs M o U with Saudi Arabia’s Tourism Development Fund

Posted : 25 May 2023 12:48:39 | By TWO Bureau | GNN Bureau

Minor Hotels signs M o U with Saudi Arabia’s Tourism Development Fund

Minor Hotels, a hotel owner, operator and investor, currently with a portfolio of 530 hotels and resorts in 56 countries across Asia Pacific, the Middle East, Europe, the Americas, Africa and the Indian Ocean has announced the signing of a Memorandum of Understanding (MoU) with Saudi Arabia’s Tourism Development Fund to jointly develop and operate high-quality hospitality and lifestyle projects focused on mountain resorts, wellness resorts and urban hotels within the Kingdom. The first project under this partnership is expected to be announced in H2 this year.

The establishment of a strategic partnership between the two parties in exclusive regions in Saudi Arabia will see the development of multiple hospitality projects over the next couple of years. Minor Hotels will act as an operator and partner in each of the projects, which are expected to become distinct destinations in their respective locations. The group’s flagship brands include Anantara, Avani, Tivoli and Oaks and hospitality projects under these brands will be established in locations across Saudi Arabia mutually agreed by both parties.

The development of these hotels and resorts is consistent with the Kingdom’s National Tourism Strategy (NTS) and in line with the Saudi Vision 2030. The projects will be developed in the targeted tourism destinations specified in the National Tourism Strategy and will be announced soon.

“The signing of this memorandum of understanding with Saudi’s Tourism Development Fund represents a significant step for Minor Hotels, enabling the group to offer a wide variety of products ranging from experiential luxury to serviced apartments, each creating a personalised product for a consumer niche. We look forward to working closely with TDF to bring these projects to fruition and to creating new iconic hospitality destinations within the Kingdom,” commented Dillip Rajakarier, Group CEO of Minor International and CEO of Minor Hotels.”

Qusai al Fakhri, CEO of Saudi Arabia’s Tourism Development Fund, said of the agreement, “This MOU and future partnership with Minor Hotels is a great step forward towards making Saudi Arabia an attractive global tourism destination. We are proud to debut Minor Hotels’ internationally recognisable brands in the Kingdom, bringing prestige to Saudi Arabia’s tourism sector.”

Saudi Arabia’s Tourism Development Fund supports tourism investment in the Kingdom, linking private sector investors with public funding opportunities. It was set up in 2020 to harness opportunities and fund development in the tourism ecosystem and tourism destinations across Saudi Arabia.


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Tags : #Minor_Hotels, #Signs, #MoU, #Saudi_Arabia’s_Tourism, #Development_Fund,

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