SAUDI ARABIA – Hotel and property developer Dusit International has signed a Memorandum of Understanding (MoU) with Saudi Arabia’s Tourism Development Fund (TDF) that establishes a framework for developing hospitality projects in the country and improve tourism infrastructure.
The MoU was signed at the World Travel Market 2024 in London.
The agreement highlights Dusit’s commitment to sustainable international growth and TDF’s efforts to forge international partnerships for developing luxury hotels and resorts across Saudi Arabia.
Saudi Arabia’s tourism sector saw significant growth in the first half of 2024, with inbound visitor spending increasing by 8.2% compared to the previous year, totaling SAR 92.6 billion (US$24.6 billion). The country also recorded a surplus of SAR 41.6 billion (US$11 billion) in its travel account.
This surge reflects the kingdom’s achievements in tourism, as it led all G20 nations in international tourist arrivals and growth in international tourism receipts for the first seven months of 2024.
When compared to 2019, international tourist arrivals rose by 73%, while tourism receipts surged by 207%, according to UN Tourism data.
The MoU aligns with Saudi Arabia’s National Tourism Strategy and Vision 2030, with TDF focused on diversifying the tourism sector through high-impact projects that emphasize sustainable development and world-class infrastructure.
As part of the agreement, Dusit will collaborate with TDF to identify key hotel development opportunities, drawing on Dusit’s 75 years of hospitality experience and its diverse portfolio, which includes everything from lifestyle hotels to exclusive villa rentals.
The goal is to provide exceptional guest experiences while delivering lasting value for hotel owners, investors, and local communities.
Suphajee Suthumpun, Group CEO of Dusit International, expressed the company’s honor in signing the MoU, describing it as a significant step in Dusit’s strategy to bring its Thai-inspired hospitality to Saudi Arabia’s dynamic tourism sector.
He emphasized that the partnership with TDF would open up valuable opportunities for investment throughout the kingdom, aligning with the National Tourism Strategy and ensuring long-term benefits for all stakeholders.
Dusit’s portfolio includes 301 properties across 18 countries, with eight hotels in the Middle East. The company operates established brands such as Dusit Thani, dusitD2, Dusit Princess, and ASAI Hotels, and recently expanded with Devarana – Dusit Retreats and Dusit Collection.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
