The Tourism Development Fund (TDF) and Karisma Hotels & Resorts have signed a memorandum of understanding (MOU) to explore the development of luxury resorts in Saudi Arabia.

The agreement, signed on 17 April at the International Hospitality Investment Forum in Berlin, outlines a collaborative approach to boost the kingdom’s tourism sector by providing financial and non-financial support to a network of investors, clients, and partners.

TDF CEO Qusai Al-Fakhri stated, “The Tourism Development Fund is unlocking a great potential with Karisma Hotels & Resorts as we join forces to explore the feasibility of funding and supportive innovative projects that will significantly contribute to the growth of the tourism sector.”

This partnership aims to leverage Karisma’s expertise in creating unique leisure experiences to introduce new hospitality offerings in the country.

Karisma Hotels and Resorts CEO Esteban Velasquez commented, “We are proud to announce the company’s significant entrance into Saudi Arabia with multiple hotel developments throughout the Kingdom, in collaboration with our partners and local developers.

Leveraging our expertise in conceptualising, developing, owning, and managing All-Inclusive and European Plan (EP) experiential leisure resorts worldwide, Karisma will introduce first-of-its-kind experiential leisure hotels in partnership with worldwide acclaimed brands, bringing a new offering of leisure vacations to the Kingdom.”

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The TDF’s mission is to connect international private investors, local small and medium-sized enterprises, and entrepreneurs with the rapidly expanding tourism sector in Saudi Arabia.

Karisma Hotels and Resorts is known for its diverse portfolio of brands, such as Nickelodeon Hotels & Resorts and Margaritaville Island Reserve by Karisma, which cater to various guest preferences.

The signing marks a significant moment for Saudi Arabia’s hospitality industry, which is experiencing a surge in investment opportunities.

The country has already surpassed its 2030 goal of 100 million annual visitors last year and has set a new target of welcoming 150 million visitors by 2030, underscoring the country’s commitment to expanding its tourism industry.