Playa Hotels & Resorts will set up integrated resorts on the shores of the Arabian Gulf and the Red Sea in the Kingdom.
It signed an agreement regarding the resorts with Saudi’s Tourism Development Fund on Monday.
The TDF would aim to provide tourists with a quality experience by introducing “Playa Hotels and Resorts” as a new and innovative concept.
This will contribute to enhancing the distinctive tourism experience and create local job opportunities.
Also, the Fund will explore the financing opportunities available to support private sector investments.
Playa will contribute to the projects which can be classified as Foreign direct investment.
This is in line with its keenness to diversify tourism investments in the Kingdom, by launching new and unique hotel projects.
The TDF seeks to enable private investors to participate in the development of the tourism sector, in cooperation with all parties of the national tourism strategy.
The Fund also works to provide support to all companies, from the planning stage to providing support from various government agencies related to the tourism sector.
It also offers a variety of solutions tailored to suit the needs of investors, including direct financing, bank guarantees, and joint financing with banks.
The agreement was signed at the headquarters of the Tourism Development Fund in Riyadh, in the presence of TDF CEO, Qusai Al-Fakhri, and the Chairman and CEO of Playa Hotels and Resorts Bruce Wardinski.