Saudi Arabia’s Tourism Development Fund has signed an MoU with Deutsche Hospitality, the umbrella brand of the German hotel company Steigenberger Hotels AG, which will see the exclusive launch rights for the first Steigenberger Porsche Design Hotel in the Middle East.
The MoU is aimed at developing and operating distinctive projects under the Steigenberger Porsche Design brand in the Kingdom of Saudi Arabia.
The MoU was signed by Qusai Al-Fakhri, CEO of the Tourism Development Fund, and Marcus Bernhardt, CEO of Deutsche Hospitality.
Al-Fakhri said the cooperation with Deutsche Hospitality will be per the highest international standards in the hospitality and hotel sector, which will help to attract more companies to invest in high-end hotel projects in the Kingdom, Saudi media reports said.
He added that the fund aims through this cooperation to diversify tourism investments in the Kingdom through launching new and unique hotel projects in line with the national tourism strategy.
For his part, Bernhardt said, “The launch of the first hotel with the Steigenberger Porsche Design brand in the Middle East to be based in Saudi Arabia reflects the Foundation’s conviction in the importance of the Kingdom as a world-leading tourist destination.”
The fund provides support to small, medium, and large enterprises, starting from the planning stage to providing support from various government agencies concerned with the tourism sector. It also offers an array of solutions tailored to suit the needs of investors, including direct financing, bank guarantees, and co-financing with banks.