Saudi Arabia's Tourism Development Fund (TDF) and Karisma Hotels & Resorts International sign MOU

This partnership represents a strategic alliance as it unlocks a new potential for the tourism industry. The mutually beneficial agreement outlines a roadmap to determining a methodology for investing and providing financial and non-financial support to a vibrant ecosystem of investors, clients and partners bringing tourism and hospitality to unique areas.

"The Tourism Development Fund is unlocking a great potential with Karisma Hotels & Resorts as we join forces to explore the feasibility of funding and supportive innovative projects that will significantly contribute to the growing of tourism sector" said Qusai Al-Fakhri, CEO of TDF.

"We are proud to announce the company's significant entrance into Saudi Arabia with multiple hotel developments throughout the Kingdom, in collaboration with our partners and local developers. Leveraging our expertise in conceptualizing, developing, owning, and managing All-Inclusive and European Plan (EP) experiential leisure resorts worldwide, Karisma will introduce first-of-its-kind experiential leisure hotels in partnership with worldwide acclaimed brands, bringing a new offering of leisure vacations to the Kingdom." Esteban Velasquez, CEO of Karisma Hotels and Resorts.

The Tourism Development Fund aims to connect the world with opportunities in the Kingdom of Saudi Arabia's high-growth tourism sector. TDF offers financial and non-financial support to both international private investors and home-grown small and medium-sized businesses, as well as entrepreneurs.

Karisma Hotels and Resorts is renowned for its diverse portfolio of unique brands, each offering distinct experiences tailored to different preferences. From the family-friendly luxury all-inclusive of Nickelodeon Hotels & Resorts, featuring immersive experiences inspired by beloved Nickelodeon characters, to the laid-back island vibes of Margaritaville Island Reserve ® by Karisma and Margaritaville Beach Resort Ambergris Caye, BOR hotel and Azul Beach Resorts by Karisma.

This signing between TDF and Karisma Resorts comes during an important era as Saudi Arabia's hospitality industry is booming as it represents significant investment opportunities. This is happening as the Kingdom has reached to its target, set out for 2030, of 100 million annual visitors. This target was already achieved in 2023, which led to a new target that aims to welcome 150 million visitors to Saudi Arabia by 2030.