It's fair to say we didn't see this one coming. Playa Hotels & Resorts and The Tourism Development Fund (TDF) of Saudi Arabia have announced a framework agreement to bring all-inclusive resorts to the kingdom.
Properties are planned on the coasts of the Arabian Gulf and the Red Sea.
The agreement was signed at the TDF headquarters by Qusai Al-Fakhri, chief executive of TDF, and Bruce Wardinski, chairman and chief executive officer of Playa Hotels & Resorts.
"We are pleased to partner with TDF to bring this unique concept to the Kingdom, which will benefit tourists through a world-class, elevated offering," Wardinski said.
"At a time when the all-inclusive segment is rapidly growing, we have a strong track record of translating our extensive management and investment expertise into real value for our stakeholders, employees and the local communities in which we are located."
Al-Fakhri said: "Through this partnership with Playa Hotels Resorts, we demonstrate our commitment to providing the kingdom with the latest in world-class hospitality offerings.
"This agreement is the most recent in a series of efforts to enable the private sector to develop high-potential tourism destinations in line with the national tourism strategy. We look forward to continuously innovating to bring tourists and investors unparalleled opportunities like this."
If the plan goes forward, it will be Playa's first foray outside the Americas, where the company has become a force in the all-inclusive market in Mexico and through the Caribbean.
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