Riyadh, Jan 13, 2022, SPA -- The Minister of Tourism and Chairman of the Board of Directors of the Tourism Development Fund (TDF), Ahmed Al Khateeb, patronized today the signing of a memorandum of understanding between the Fund and (Deutsche Hospitality), the umbrella brand of the German hotel company "Steigenberger Hotels AG", aimed at developing and operating distinctive projects under the "Steigenberger Porsche Design" brand in the Kingdom of Saudi Arabia. The MoU, which was signed by Qusai Al-Fakhri, CEO of the Tourism Development Fund, and Marcus Bernhardt, CEO of Deutsche Hospitality, includes the exclusive launch rights for the first Steigenberger Porsche Design Hotel in the Middle East. Al-Fakhri said the cooperation with Deutsche Hospitality will be per the highest international standards in the hospitality and hotel sector, which will help to attract more companies to invest in high-end hotel projects in the Kingdom, adding that the fund aims through this cooperation to diversify tourism investments in the Kingdom through launching new and unique hotel projects in line with the national tourism strategy. He reiterated the fund's keenness to cooperate with international hotel brands capable of contributing to enriching the tourist experience and activating diversity and tourism integration in Saudi Arabia. For his part, Bernhardt said: "The launch of the first hotel with the "Steigenberger Porsche Design" brand in the Middle East to be based in Saudi Arabia reflects the Foundation's conviction in the importance of the Kingdom as a world-leading tourist destination,” noting that this cooperation will result in new hotel projects that meet the evolving needs of the Saudi tourism sector and provide unique and innovative experiences within the luxury hotel category in the Kingdom. The signing of the new agreement corresponds to the pivotal role that the fund plays in developing the tourism sector in the Kingdom by enabling private investors to participate in the development of this sector. The fund provides support to small, medium, and large enterprises, starting from the planning stage to providing support from various government agencies concerned with the tourism sector. It also offers an array of solutions tailored to suit the needs of investors, including direct financing, bank guarantees, and co-financing with banks. --SPA 21:01 LOCAL TIME 18:01 GMT 0032 www.spa.gov.sa/w1678096