Sep.10, 2023

"Ritz-Carlton" in Al Khobar

ريتز كارلتون - رتال - الفوزان القابضة

The Tourism Development Fund has signed a financing and development agreement for The Ritz-Carlton Al Khobar Resort with the Arsi Real Estate Fund, managed by Saudi BLOMINVEST. This marks the first luxury beach resort in the Eastern Region of Al Khobar, overlooking the Arabian Gulf.

The agreement represents the strategic vision of the Tourism Development Fund, a key player in the tourism sector of the Kingdom. It has successfully transformed an innovative idea into a high-quality project. The Fund played a significant role in translating the terms of the agreement into reality by collaborating with the real estate developer, Ratal Urban Development, for the development of The Ritz-Carlton Beach Resort.

The project will enhance the hospitality options in Al Khobar, one of the most beautiful coastal cities in the Kingdom. It will offer luxurious accommodations, including 130 hotel rooms and suites, as well as 48 chalets spread across a total area of 99.9 thousand square meters.

The resort will feature upscale restaurants with facilities for hosting conferences as well as casual dining options, a spa, and various recreational and sports activities, all with breathtaking views of the Arabian Gulf coastline.

Ideally located to cater to local visitors from within the Kingdom, residents of the Eastern Region, and visitors from the Gulf Cooperation Council countries, it will also provide high-tech amenities and showcase the local characteristics of the region.

The agreement was signed with investments from Al Fozan Holding Company, Mansour Bin Jumah and Sons Holding Company, in partnership with Al Jazeera Bank. The signing ceremony was attended by Ahmed Al-Khatib, the Minister of Tourism and Chairman of the Tourism Development Fund, and Majid Al-Hogail, the Minister of Municipal and Rural Affairs and Housing.

The CEO of the Tourism Development Fund emphasized that this partnership with Ratal Urban Development and Marriott International under the Ritz-Carlton brand, along with Al Jazeera Bank, will contribute to expanding the capabilities of the tourism and hospitality sector in the Kingdom.

The development of the first-of-its-kind beach resort on the Gulf coast, specifically in the Eastern Region, aligns with the Tourism Development Fund's commitment to enabling private sector investment in promising opportunities within the tourism sector. This supports the National Tourism Strategy's objectives and contributes to the Kingdom's overall GDP.

The Tourism Development Fund, as the strategic partner of Cityscape Global 2023, showcases specialized financing programs and solutions designed to empower investors, entrepreneurs, and businesses related to the tourism sector. These initiatives aim to leverage the vast opportunities in the tourism sector and stimulate the private sector's efforts to contribute to a thriving future for the tourism industry.

Source :تجارة-و-أسواق/ريتز-كارلتون-في-الخبر-41060

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