The Tourism Development Fund (TDF), the national enabler of Saudi Arabia’s tourism sector, announced the signing of two memoranda of understanding (MoU) aligning with the Fund’s vision to enable high-quality tourism investments and projects that contribute to achieving the objectives of the National Tourism Strategy and Saudi Vision 2030.

The two MoUs form part of TDF’s efforts to accelerate the development of tourism projects that enhance the positioning of King Abdullah Economic City (KAEC) as a leading global destination on the Red Sea coast, while also attracting expertise and capital and strengthening the competitiveness of Saudi Arabia’s coastal destinations.

Commenting on the agreements, Qusai Al-Fakhri, Chief Executive Officer of the Tourism Development Fund, said: “These MoUs reflect the Fund’s commitment to its role as a national enabler of the tourism sector, through aligning public- and private-sector efforts and building strategic partnerships that support the development of high-quality tourism projects and enhance the participation of local and international private-sector stakeholders in developing coastal destinations and all-inclusive beach resorts across Saudi Arabia.” He added: “As part of the tourism enablement of KAEC, the Fund contributes to enhancing its readiness to attract high-quality investments and global hospitality brands.”

The principal MoU was signed between the Tourism Development Fund and Emaar, The Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), in the presence of the Fund’s CEO and Abdulaziz Alnowaiser, CEO of Emaar, The Economic City (EEC,) the master developer of King Abdullah Economic City (KAEC).

In its first phase, the MoU establishes a comprehensive framework supporting the planning, development, and operation of high-quality tourism projects that strengthen the city’s positioning as a fully integrated, world-class coastal destination on the Red Sea.

The collaboration includes developing a diversified portfolio of coastal projects encompassing all-inclusive resorts, global hotel brands, and lifestyle destinations designed to serve diverse visitor segments, including beach tourism, travel experiences, and family-oriented offerings.

The MoU outlines the development of two five-star beachfront resorts, premium branded residences operated by international hospitality operators, access to the waterfront, beach clubs and signature dining experiences, spa, yachting and water-sports activities, family destinations and children-focused experiences, as well as entertainment offerings.

These projects aim to enhance destination appeal, improve quality of life, and support the attraction of foreign direct investment to the city.

Meanwhile, the Tourism Development Fund signed an MoU with K. Hovnanian M.E. Investments and Emaar, The Economic City (EEC), the master developer of King Abdullah Economic City (KAEC).

K. Hovnanian M.E. Investments is one of the leading real estate development companies in the US, with extensive experience in developing mixed-use residential and tourism projects under advanced development and operating models.

The MoU seeks to leverage the company’s expertise as an investor and developer of tourism projects in KAEC, supporting project investment readiness and the attraction of operators, while ensuring alignment with the National Tourism Strategy and global best practices.

Commenting on the agreement, Abdulaziz Alnowaiser said: “The MoU between King Abdullah Economic City (KAEC) and the Tourism Development Fund, in collaboration with K. Hovnanian M.E. Investments, reflect our strong commitment to supporting the growth of the tourism and hospitality sectors, which offer significant potential. These partnerships build on the city’s accelerated development momentum and its growing stature as an integrated coastal destination, with the aim of unlocking new investment opportunities across the city’s various sectors. Undoubtedly, flagship projects play a vital role in strengthening the city’s tourism offering, attracting visitors from global markets, reinforcing investor confidence, and supporting the long-term sustainability of tourism in line with national priorities and the city’s strategic objectives.”

For his part, Robert Hofmann, Chief Executive Officer of K. Hovnanian M.E. Investments, stated: “We are pleased to collaborate with the Tourism Development Fund and Emaar, The Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), to explore tourism development opportunities in Saudi Arabia. This memorandum provides an important framework for knowledge exchange and joint development of projects aligned with global best practices, contributing to the growth of the tourism sector and enhancing Saudi Arabia’s appeal as an investment and tourism destination.” -TradeArabia News Service