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Arab News, Thursday, Mar 16, 2023 | Sha'ban 24, 1444

​​Tourism Development Fund signs deal with Al Nahla Group to develop destinations in Saudi Arabia

Saudi Arabia: Tourism in Jeddah, Taif, and Madinah is set to receive a boost after an agreement was struck between the sector’s development fund and Saudi firm Al Nahla Group to create new projects. 

The two parties have signed a memorandum of understanding focused on several projects, including the Golden Triangle in Jeddah and a project in Madinah, alongside the creation of workshops to boost development in the sector. 

The deal is aimed at helping to achieve the goals of Saudi Arabia’s National Tourism Strategy, which includes raising the contribution of the sector to the gross domestic product by more than 10 percent, providing one million additional job opportunities, and attracting 100 million annual visits by 2030.

“The signing of the memorandum of understanding with Al-Nahla Group embodies the fund’s keenness to encourage and enable the private sector to conduct its investment experiences in the targeted tourist destinations, by motivating it and creating qualitative investment opportunities for it to support the future of the tourism industry in the Kingdom,” Qusai Al-Fakhri, CEO of the Tourism Development Fund, said. 

He added that the fund aims to enhance competitiveness in the tourism sector to achieve sustainability and growth. 

The signing took place at the Saudi Tourism Forum held in Riyadh by the head of the business at the Tourism Development Fund, Hadan Al-Qadi, and the CEO of Al Nahla Group, Sultan Al-Turki. 

“We at Al-Nahla Group are pleased to have signed the memorandum of understanding with the Tourism Development Fund, which comes in line with our future strategy in terms of our endeavor to invest and expand in the Kingdom and develop qualitative tourism projects,” Al-Turki said. 

Al-Turki added that the company aims to contribute to supporting the development of the Kingdom and enhancing the quality of hotels in line with Vision 2030. 

The Saudi Tourism Forum is held at the Riyadh International Convention and Exhibition Center from March 14 to 16 and brings together 350 entities from the sector to discuss new

opportunities and expansion plans. 

The forum also features technological and environmental solutions that aim to transform the travel industry in the future.

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