Saudi Arabia’s tourism fund and London hospitality company Ennismore form $400m fund – The National

Saudi Arabia’s tourism fund and London hospitality company Ennismore form $400m fund – The National

Saudi Arabia’s Tourism Development Fund and London hospitality company Ennismore agreed to establish a $400 million (1.5 billion Saudi riyals) fund that will help bring Ennismore’s lifestyle brands to 12 destinations in the kingdom.

The two companies signed a preliminary agreement at the fifth Future Investment Initiative in Riyadh, according to a statement on Wednesday.

Under the agreement, TDF will identify locations and provide financing options for projects throughout the kingdom, while Ennismore will lead on programming, design and operations of the destinations under its lifestyle brands.