London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

Saudi Arabia’s tourism fund and London hospitality company Ennismore form $400m fund

Saudi Arabia’s tourism fund and London hospitality company Ennismore form $400m fund

Ennismore will bring its lifestyle brands to 12 destinations in the kingdom
Saudi Arabia’s Tourism Development Fund and London hospitality company Ennismore agreed to establish a $400 million (1.5 billion Saudi riyals) fund that will help bring Ennismore’s lifestyle brands to 12 destinations in the kingdom.

The two companies signed a preliminary agreement at the fifth Future Investment Initiative in Riyadh, according to a statement on Wednesday.

Under the agreement, TDF will identify locations and provide financing options for projects throughout the kingdom, while Ennismore will lead on programming, design and operations of the destinations under its lifestyle brands.

“This [agreement] marks an important milestone for TDF as we continue to enable private sector investors to benefit from the massive opportunities offered by Saudi Arabia’s growing tourism sector,” said Qusai Al Fakhri, chief executive of TDF.

Saudi Arabia, the world’s biggest oil exporter, is rapidly transforming its economy as it aims to reduce its dependence on oil, nurture domestic industries, boost jobs and diversify revenue. Developing the tourism sector is a key plank of its Vision 2030 transformation plan.

Tourism is expected to account for more than 10 per cent of Saudi Arabia’s gross domestic product by 2030 – up from 3 per cent currently – and provide 1 million jobs.

Saudi Arabia is also developing a number of projects, including Neom – a $500bn futuristic city comprising a nature reserve, coral reefs and heritage sites on islands along the Red Sea – and a mega-entertainment and sports project, named Qiddiya, in the capital.

The TDF, which was set up last year with an initial investment of $4bn, aims to drive the country’s tourism ambitions through such deals.

Created in 2021, Ennismore is a joint venture between Sharan Pasricha, founder and co-chief executive, and hospitality group Accor, and includes 87 operating properties globally, with an additional 141 hotels in the pipeline.

The Ennismore brands include 21c Museum Hotel, 25hours, Delano, Gleneagles, Hyde and The Hoxton, among others.

Both TDF and Ennismore will recruit, train and develop local talent, creating up to 3,000 jobs.

The development of lifestyle destinations – an undersupplied segment of the tourism industry in Saudi Arabia – aligns with the National Tourism Strategy’s to deliver about 2,000 keys in 10 key destinations, including Riyadh, Jeddah, Al Ula and Madinah.

The TDF will continue to provide new opportunities for private sector investors in the kingdom’s tourism industry.
Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×