TDF, Ennismore and Al Rajhi Capital sign agreement to establish SAR 1.5 billion investment fund in the hospitality sector

Saudi Arabia: The Tourism Development Fund (TDF) today announced the signing of a three-party agreement with Ennismore, the world’s largest and fastest growing lifestyle hotel company, and Al Rajhi Capital, the a leading asset manager in the Kingdom of Saudi Arabia. The agreement aims to establish a hotel investment fund that will advance lifestyle hotels with a capital of SAR 1.5 billion, enhancing the sector’s promising opportunities in various tourist destinations in the Kingdom.

This partnership now culminates in the signing of the agreement to establish the fund, which complements the initial effort where TDF and Ennismore signed a memorandum of understanding to launch an investment fund focused on the development of lifestyle hotels in the Kingdom, as announced during the 5th edition of the Future Investment Initiative (FII) in October 2021.

Under this latest agreement, the parties would identify locations and provide funding options for projects across the Kingdom. TDF will invest in the newly created investment fund, while Ennismore will lead the development and operation of these projects under the umbrella of its lifestyle brands. Al Rajhi Capital will manage the investment fund and attract investment.

The agreement was signed by Qusai Al Fakhri, Managing Director of the Tourism Development Fund, Gaurav Bhushan, Co-CEO of Ennismore, and Waleed AlRashed AlHumaid, CEO of Al Rajhi Capital, who are attending on his behalf, Assem T. Raqaban, Head of Real Estate.

Qusai Al Fakhri, Managing Director of TDF, said: “This partnership shows our commitment and dedication to our initial MoUs and marks an important step towards achieving the objectives of the National Tourism Strategy aimed at consolidating the position of the Kingdom as a global tourist destination by taking advantage of the promising opportunities presented by the Saudi tourism sector.

“Joining forces with Ennismore and Al Rajhi Capital is another positive step towards realizing our ambitions to advance the tourism sector. We seek to continually offer new and diverse options for the private sector to invest in the growing hospitality sector, with a view to enriching the visitor experience while achieving sustainable tourism and economic development.

Gaurav Bhushan, Co-CEO of Ennismore, said: “Our partnership with TDF and Al Rajhi is an important part of our growth strategy for the region. Ennismore is pleased to further solidify its commitment to the growing Saudi hospitality sector by employing, training and advancing national skills, as well as providing tourism services that would establish closer ties with international and local tourists.

We are happy to collaborate with TDF and contribute to the promotion of the tourism sector in the Kingdom.

Waleed AlRashed AlHumaid, CEO of Al Rajhi Capital, said: “The agreement reflects the importance of partnership between the private and public sectors, let alone opens up lucrative investment opportunities where capital can be invested in programs The industry has shifted to the development of modern and sustainable tourist destinations, capitalizing on the extraordinary potential and richness of our national heritage, tourism and monuments that help attract more investment local and global and bring us closer to achieving our national economic goals. Al Rajhi Capital’s unwavering commitment to providing the most effective and advanced financing and investment solutions.”

Through this agreement, TDF strives to promote investment aimed at tourist attraction in accordance with the National Tourism Strategy, and aims to provide a variety of leisure facilities and F&B experiences. These efforts are expected to provide approximately 2,000 hotel rooms and immense training opportunities for Saudi nationals, while improving the quality of investment opportunities and offers in the sector.

Furthermore, the establishment of the fund highlights a promising opportunity to invest in and benefit from the Kingdom’s tourism renaissance.

Ennismore is a joint venture between Sharan Pasricha, founder and co-CEO, and Accor, bringing together a lifestyle powerhouse of 14 brands with 101 properties in operation worldwide and 137 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 introduction of lifestyle hotels in Saudi Arabia is central to the Kingdom’s strategy to welcome brands that are rooted in purpose and creativity, and that play an active role in advancing the community.



The Tourism Development Fund (TDF) was established in 2020 with a capital of $4 billion to stimulate the growth of tourism in Saudi Arabia. TDF enables local and international investors looking to benefit from the strong potential of the sector by providing viable financing solutions and relying on 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.

Resolutely positioned at the heart of the Saudi tourism ecosystem, TDF is well placed to offer support and financing options to SMEs, and tailor-made investment solutions to qualified investors. The vision of the Fund is to contribute to the achievement of the objectives of the National Tourism Strategy by opening up opportunities in the tourism value chain for private sector investors, while focusing on long-term sustainability.


Ennismore is a creative hospitality company with a global collective of entrepreneurial, founder-driven brands with purpose at their heart. It curates and manages unique properties and experiences in some of the world’s most exciting destinations.

Founded in 2011 by entrepreneur Sharan Pasricha, Ennismore and Accor entered into a joint venture in 2021 to create a new standalone entity, with Accor holding a majority stake. Creating the world’s fastest growing lifestyle hotel business, it combines Ennismore’s know-how in brand building with creative storytelling, design and authentic experiences, with Accor’s wealth of knowledge in scale, network growth and distribution.

Under the leadership of Sharan Pasricha, Founder & Co-CEO, and Gaurav Bhushan, Co-CEO, Ennismore comprises 14 brands – with 101 properties in operation and 137 more (signed HMA & LOI) in the pipeline and a collection of over 150 culturally relevant brands and various restaurants and nightlife destinations.

Ennismore places innovation at the center of everything it does, with four dedicated in-house specialist studios obsessing over every customer touchpoint, including Carte Blanched – a fully integrated F&B concept platform; a creative studio for interior designers and graphic designers; a product and technological digital innovation laboratory, and a partnership and collaboration unit.

Ennismore was included in Fast Company’s 2020 and 2021 World’s Most Innovative Companies lists; ranked #29 in FT1000: Europe’s fastest growing companies; and is part of the FT Future 100 – the UK’s fastest growing companies shaping the future of their industry.

Ennismore brands: 21c Museum Hotel, 25hours Hotels, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, TRIBE and Working From_.


Founded in 2008, Al Rajhi Capital is a leading financial services company, which offers a wide range of innovative and tailor-made financial products and services in the fields of brokerage, asset management and investment banking. .

Headquartered in Riyadh and operating from investment centers and offices throughout the Kingdom of Saudi Arabia, the firm is uniquely positioned to provide its clients with sound advice based on global experience and regional expertise.

As an investment banking subsidiary of Al Rajhi Bank, one of the largest Islamic banks in the world, Al Rajhi Capital combines the strength and resources of its regional presence with the best investment advice and insightful research, to provide fully integrated and streamlined services. solutions.

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