RIYADH: Saudi Arabia’s Tourism Development Fund has signed an agreement with London’s Ennismore and Al-Rajhi Capital to establish a SR1.5 billion ($400 million) investment fund in the hospitality sector. Through the partnership, the fund aims to advance lifestyle hotels and enhance tourist destinations within the Kingdom, according to the Saudi Press Agency. “This partnership marks an important milestone towards fulfilling the targets of the National Tourism Strategy to consolidate the Kingdom’s position as a global tourist destination by leveraging the promising opportunities the Saudi tourism sector presents,” CEO of TDF Qusai Al Fakhri said. Under the agreement, the parties will identify locations and provide financing options for projects throughout Saudi Arabia. TDF will invest in the newly established investment fund, while Ennismore will lead on developing and operating these projects under the umbrella of its lifestyle brands. Al Rajhi Capital will manage the investment fund and attract investments. Earlier in October 2021, TDF and Ennismore signed a memorandum of understanding to launch the fund as announced during the fifth edition of the Future Investment Initiative.