London Daily

Focus on the big picture.
Wednesday, Oct 22, 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
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
×