RIYADH: Saudi Arabia is set to witness the development of new luxury resorts as the Tourism Development Fund signed a memorandum of understanding with Karisma Hotels and Resorts International, the Saudi Press Agency reported. The signing took place at the International Hospitality Investment Forum in Berlin on Wednesday. The MoU seeks to explore opportunities for developing resorts and enhancing new areas of the tourism and hospitality sector in the Kingdom. The agreement outlines a roadmap to determining a methodology for investing and providing financial and non-financial support to a vibrant ecosystem of investors, clients, and partners. “The Tourism Development Fund is unlocking a great potential with Karisma Hotels and Resorts as we join forces to explore the feasibility of funding and supportive innovative projects that will significantly contribute to the growth of the tourism sector,” SPA quoted TDF CEO Qusai Al-Fakhri as saying. The fund aims to connect the world with opportunities in the Kingdom’s fast-growing tourism sector. It offers financial and non-financial support to international and local investors. “We are proud to announce the company’s significant entrance into Saudi Arabia with multiple hotel developments throughout the Kingdom in collaboration with our partners and local developers. Karisma will introduce first-of-its-kind experiential leisure hotels in partnership with worldwide acclaimed brands, bringing a new offering of leisure vacations to the Kingdom,” Esteban Velasquez, CEO of Karisma Hotels and Resorts, said. Saudi Arabia’s tourism sector has revised its 2030 target to 150 million visitors, up from the initial 100 million. The tourism sector has become important to the national economy, as spending on tourism by domestic and international tourists exceeded SR250 billion ($66.7 billion) in 2023. The sector is set to contribute 10 percent to the non-oil gross domestic product and create 1 million job opportunities by 2030. This spending represented more than 4 percent of the Kingdom’s GDP and 7 percent of the non-oil GDP, highlighting the significance of the tourism sector to the Kingdom’s economy. During a panel discussion, Mahmoud Abdulhadi, deputy minister of investment attraction, underscored the Kingdom’s potential opportunities for both international and local businesses to invest in the tourism industry. He noted that the Hospitality Investment Enablers initiative, announced by the Ministry of Tourism within the Investment Enablers Program, is in line with Vision 2030"s strategic goals The top official said the initiative aims to increase and diversify tourism offerings, enhance the capacity of tourism hospitality facilities in tourist destinations, and attract private investments in the hospitality sector.