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 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.