RIYADH — The Tourism Development Fund (TDF) signed Monday a framework cooperation agreement with Playa Hotels & Resorts, a company tasked with setting up integrated resorts on the shores of the Arabian Gulf and the Red Sea in the Kingdom.

The agreement was signed at the headquarters of the Tourism Development Fund in Riyadh, in the presence of TDF CEO Qusai Al-Fakhri and the Chairman and CEO of Playa Hotels and Resorts Bruce Wardinski.

The TDF, as per the agreement, aims to provide tourists with a quality experience by introducing "Playa Hotels and Resorts" as a new and innovative concept, which will contribute to enhancing the distinctive tourism experience and create local job opportunities.

The Fund will also explore, through the agreement, the financing opportunities available to support private sector investments, including foreign direct investments represented by Playa's share as a contributor to the projects, in line with its keenness to diversify tourism investments in the Kingdom.

This will be by launching new and unique hotel projects, as per the highest international standards in the hospitality and hotel sector, in line with the national tourism strategy.

Al-Fakhri reiterated the Fund's commitment to establishing the finest international resorts in the Kingdom, noting that the agreement is a new achievement in a series of efforts to enable the private sector to develop quality tourist destinations in line with the national tourism strategy.

The Fund, meanwhile, aspires to continuous innovation to provide exceptional and promising opportunities to tourists and investors alike.

The TDF seeks to enable private investors to participate in the development of the tourism sector, in cooperation with all parties of the national tourism strategy, thus achieving integration to serve the objectives of the national tourism strategy.

The Fund also works to provide support to small, medium, and large companies, starting from the planning stage to providing support from various government agencies related to the tourism sector.

It also offers a variety of solutions tailored to suit the needs of investors, including direct financing, bank guarantees, and joint financing with banks. — SPA