Source: Ennismore

Riyadh, Kingdom of Saudi Arabia - The Tourism Development Fund (TDF) and Ennismore today signed a Memorandum of Understanding (MoU) at the 5th Future Investment Initiative (FII) in Riyadh to explore the establishment of a USD 400 million (SAR 1.5 billion) fund that would bring Ennismore’s lifestyle brands to at least 12 destinations in Saudi Arabia.

Under the MoU, TDF would identify locations and provide financing options for projects throughout the Kingdom, while Ennismore would lead on progr amming, design and operations of the destinations, under its lifestyle brands. Created in 2021, Ennismore is a joint venture between Sharan Pasricha, Founder & Co-CEO, and Accor, creating the world’s largest and fastest-growing lifestyle company, including 87 operating properties globally, with an additional 141 hotels in the pipeline. The Ennismore brands are: 21c Museum Hotel, 25hours, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, TRIBE and Working From_.

The development of lifestyle destinations – an undersupplied segment of the Saudi tourism industry – would align with the National Tourism Strategy’s 10 key destinations, including Riyadh, Jeddah, Eastern Province, Aseer, Al Ula, Taif, Madinah, Al-Baha, Hail and Al-Jouf, delivering around 2,000 keys.

TDF would continue to provide new opportunities for private sector investors in the Saudi tourism space, while aligning with wider sustainable t ourism efforts throughout the Kingdom, prioritizing the protection of nature and supporting local communities. Both TDF and Ennismore are committed to employing, training, and developing Saudi talent, creating up to 3,000 jobs.

Increasing the presence of lifestyle hospitality brands is at the heart of the Kingdom’s strategy for welcoming brands that take an active role in driving community and build deep connections with guests through shared values, unique design, and authentic restaurant destinations, both for international visitors and locals.

During a ceremony attended by His Excellency Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia and Chairman of TDF, Sébastien Bazin, Chairman and CEO of Accor and Qusai Al-Fakhri, CEO of TDF, signed the MoU in the presence of Sharan Pasricha and Gaurav Bhushan, Co-CEOs of Ennismore.

Qusai Al-Fakhri, CEO of TDF, said: “This MoU marks an important milestone for TDF as we continue to enable privat e sector investors to benefit from the massive opportunities offered by Saudi’s growing tourism sector. The fund would channel private sector investments to various areas of the Kingdom, enriching the visitor experience and enhancing the value of strategic projects through globally renowned hospitality brands. These new lifestyle destinations would create unique experiences for visitors and residents to enjoy, providing them with exciting entertainment and F&B offerings, as well as co-working spaces. They would also focus on ensuring the social, environmental, and economic sustainability of the areas they are located in.”

Gaurav Bhushan and Sharan Pasricha, Co-CEO’s of Ennismore, added: “Saudi Arabia is a key growth market for Ennismore and we’re delighted that this partnership with TDF cements our commitment to the Kingdom’s tourism sector. By expanding our presence across Saudi Arabia, we’re proud to be supporting the creation of investment opportuni ties and jobs that will help enrich the tourism experience. We look forward to bringing our brands with their unique design and authentic experiences to the Kingdom.”

TDF was established in June 2020 with a capital of USD 4 billion to drive tourism growth in Saudi Arabia. The Fund works to unify the efforts of the tourism sector and its partners including lenders, operators, and service providers, to enhance the investment experience and facilitate private sector access to opportunities in various regions of the Kingdom that are distinguished by their natural, geographical, and cultural offering.

About Tourism Development Fund

The Tourism Development Fund (TDF) was established in 2020 with a capital of USD 4 billion to drive tourism growth in Saudi Arabia. TDF enables local and international investors looking to benefit from the sector’s high potential by providing viable funding solutions, and leveraging its wide network of partners including government entities, public and private lenders as well as operators and service providers… all deployed to bring investments to life.

Positioned firmly at the heart of Saudi’s tourism ecosystem, TDF is well placed to offer guidance and funding options to SMEs, and tailored investment solutions to qualified investors. The Fund’s vision is to contribute towards achieving the National Tourism Strategy’s objectives by unlocking opportunities in the tourism value chain for private sector investors, while focusing on long-term sustainability.

ABOUT ENNISMORE

Ennismore is a global collective of entrepreneurial and founder-built brands with creativity and purpose at their heart. Founded in 2011 by entrepreneur Sharan Pasricha, Ennismore and Accor entered a joint venture in 2021, creating a new autonomous entity and the fastest-growing lifestyle hospitality company, with Accor holding a majority shareholding. Ennismore comprises three pillars: a lifestyle collective rooted in culture and community, immersive resorts creating havens for escapism and entertainment, and iconic luxury venues pioneering the art of exclusive culinary destinations.

Ennismore has an unrivalled ecosystem of 16 brands and two independent F&B groups, comprising 190+ hotels and 145+ in the pipeline, more than 500 restaurants and bars, and a network of 50+ branded residences. Ennismore operates hotels in over 40 countries with more than 25,000 team members. Ennismore has four dedicated in-house studios: an F&B Platform, AIME Studios for interior & graphic design, a Digital Product & Tech Innovation Lab, and a Partnerships Studio. Dis-loyalty is Ennismore's travel and food membership dedicated to lifestyle. Ennismore is committed to positively impacting the world, with a key focus on creating inclusive communities among its teams and in the places it calls home. ennismore.com

*Figures as of the end of September 2025.