Tourism Development Fund signs exclusive cooperation agreement with Deutsche Hospitality

Saudi Arabia's Tourism Development Fund (TDF) and Deutsche Hospitality, the umbrella brand of the German hotel company Steigenberger Hotels, signed a memorandum of understanding (MoU) to develop and operate Steigenberger Porsche Design Hotels projects in the Kingdom.

The partnership includes the right to exclusively launch the first Steigenberger Porsche Design Hotels project in the Middle East.

Qusai Al Fakhri, the fund's CEO, said: "Through this collaboration – which will result in first-of-its-kind hospitality offerings – we continue to enhance the Kingdom’s tourism offering under the National Tourism Strategy."

Meanwhile, Marcus Bernhardt, CEO of Deutsche Hospitality, said: "A Steigenberger Porsche Design Hotel in Saudi Arabia reflects our commitment to the region and our support for the Kingdom as a leading global tourist destination."

TDF provides support to small and medium-sized enterprises (SMEs) and large institutions alike, ranging from planning to providing support from various tourism-related government agencies.

The fund offers a variety of tailored solutions that suit the needs of investors, including direct financing, bank guarantees, and co-financing with banks.