Continent Worldwide Hotels Signs New Partnership Agreement with Saudi Arabia's Tourism Development Fund

Continent Worldwide Hotels is the first Turkish hotel group to sign a partnership with the Saudi Tourism Development Fund (TDF), in support of Saudi Arabia's Vision 2030 growth objectives in the tourism sector. This strategic agreement will enhance Continent Worldwide Hotels' growth momentum in Saudi Arabia and increase its potential to become the most widespread Turkish hospitality brand in the country.

Saudi Arabia's Vision 2030 is a comprehensive plan aimed at diversifying the country's economy and creating new revenue sources through the tourism sector. The Tourism Development Fund (TDF), established under this vision, has a crucial mission to support, finance, and attract significant hotel investments and international brands to the country.

Shady Boueiry, CEO for the Middle East, Africa & GCC Countries, commented on the agreement: “Recently, Continent Worldwide Hotels and our brands have been recognized as a "preferred hotel brand" by the Tourism Development Fund (TDF) through a special agreement. This status and the signing of the new agreement provide a substantial opportunity to strengthen and expand our presence in Saudi Arabia. In addition to the three hotels currently operating in Saudi Arabia, we have 14 more under construction. Under this new agreement, two additional hotels have been added to the project: Continent Al Shaqeeq and Continent Express Hail, which are expected to open by 2025 after a swift construction process.”

 By 2025, as part of this collaboration with TDF and other ongoing projects, Continent Worldwide Hotels will operate a total of 17 hotels under the Continent Hotels & Resorts brand in Saudi Arabia. Additionally, within the scope of the partnership extending to 2030, 25 more hotels are planned to open, making Continent Worldwide Hotels the largest Turkish hotel chain in Saudi Arabia with approximately 40 hotels in total.

Ethem Zagikyan, Chairman of Continent Worldwide Hotels, shared his thoughts on the partnership: "Aligned with Saudi Arabia's Vision 2030, our collaboration with the Tourism Development Fund (TDF) will accelerate our brand's growth in the region and contribute to the transformation of Saudi Arabia's tourism sector. Our greatest satisfaction is that our brands are embraced by investors, including government organizations in the country. With our new hotels, we aim to offer unique experiences to our guests and promote the country's cultural and historical richness." He added, "Additionally, we are pleased to announce that we have entered into a regional development agreement for another brand in our group, and we will soon be opening hotels in Saudi Arabia with this brand in partnership with a separate investment group. We firmly believe that this journey, which began with Saudi Arabia, will establish us as a recognized company in the Middle East, Africa, and all GCC countries, and rapidly introduce Turkish hospitality to the region."