The Tourism Development Fund (TDF) signed a memorandum of understanding with Deutsche Hospitality, the umbrella brand of the German hotel company Steigenberger Hotels AG, to develop and operate Steigenberger Porsche Design Hotels projects in Saudi Arabia.

The agreement includes the right to exclusively launch the first Steigenberger Porsche Design Hotels project in the Middle East.

The MoU was signed by Qusai Al-Fakhri, CEO of TDF and Marcus Bernhardt, CEO of Deutsche Hospitality. The luxurious Steigenberger Porsche Design Hotels will feature the distinctive Porsche lifestyle design coupled with Steigenberger hospitality and service quality, offering an innovative hotel concept within the lifestyle segment. Offering a minimum of 150 rooms, suites and penthouses, the hotels will include a restaurant and lounge concept, exclusive meet-and-greet areas and world-class health and beauty facilities.

Qusai Al-Fakhri, CEO of TDF, said: “We are pleased to announce the signing of this MoU with Deutsche Hospitality, a company that blends world-class hospitality with elevated standards to attract entities to invest in, develop, and operate high-quality, iconic hotel projects in Saudi Arabia. Through this collaboration – which will result in first of its kind hospitality offerings – we continue to enhance the kingdom’s tourism offering under the National Tourism Strategy.”

Marcus Bernhardt, CEO of Deutsche Hospitality, said: “We are pleased to collaborate with TDF to launch new hotel projects in Saudi Arabia, including the first Steigenberger Porsche Design Hotel in the Middle East. The project will cater to the sophisticated needs of the Saudi market, creating a unique and innovative experience within the kingdom’s luxury lifestyle hotel segment that is sure to offer an incomparable guest experience. A Steigenberger Porsche Design Hotel in Saudi Arabia reflects our commitment to the region and our support for the kingdom as a leading global tourist destination.”

TDF plays a pivotal role in advancing tourism development in Saudi Arabia by enabling private investors to participate in the sector. It provides support to SMEs and large institutions alike, ranging from planning to providing support from various tourism-related government agencies. The fund offers a variety of tailored solutions that suit the needs of investors, including direct financing, bank guarantees and co-financing with banks.