The Tourism Development Fund signs a financing agreement for a hotel project in the Eastern Province
Saudi Arabia’s Tourism Development Fund signed a financing agreement with Remal Al-Khobar Real Estate Co. Ltd. to develop a five-star hotel in the Kingdom’s Eastern Province, one of the pioneering projects to be developed in the region to keep pace with the tourism boom in the Kingdom. The project was announced during the activities of the second edition of "The Future of Hospitality Conference" in Riyadh.
The agreement was signed by Wahdan Al-Qadi, president of Business at the TDF, and Eng. Abdullah Albraikan, Chief Executive Officer of Retal Urban Development and member of the board of directors of Remal Al-Khobar.
The partnership aims to enhance tourism and recreational services in the Eastern Province, to form one of the elements of sustainable development in the region, as the new project represents a significant investment opportunity that contributes to attracting more investors to the tourism sector in the Kingdom, thus enhancing its position as a vital sector in creating job opportunities and improving the quality of life.
The tourism sector in the Kingdom is witnessing an important economic development, Al-Qadi explained, the Tourism Development Fund is more committed than ever in attracting more investors and providing them with the support they need to develop quality projects that not only help sustain the sector’s growth, but also demonstrate the confidence shown by investors in the Kingdom's investments and support.
Al-Qadi went on explaining the importance of these projects, which highlights the pivotal role of the private sector in sustaining the Kingdom’s economic growth and the growth of the tourism industry. The project’s location, and the utility and benefits it is set to provide, makes it a major touristic and residential enterprise that helps meet the booming demand in the Saudi market today. With over 100 rooms and suites, 62 residential units, an upscale restaurant, multiple swimming pools, and its own health spa and gym, as well as business and event spaces, the project is expected to come SAR 238 million.