RIYADH: Saudi Arabia’s Tourism Development Fund has inked a financing deal with Rimal AlKhobar Real Estate Co. to develop a five-star hotel with a project cost of SR238 million ($63 million) in the Eastern Province of the Kingdom.
Announced during the second edition of the Future of Hospitality Summit in Riyadh, the partnership aims to enhance tourism and entertainment services for the Eastern Region, Saudi Press Agency reported.
The new project will include over 100 hotel rooms and suites, 62 housing units and restaurants, Wahdan Al-Kadi, chief business officer at TDF, said.
The property will have all the other amenities including swimming pools, a health center, a gym and spaces for meetings and events.
He stressed the TDF’s commitment to attract more investors and provide them with the necessary support to develop quality tourism projects that keep pace with Saudi Arabia’s tourism boom.
TDF was established in 2020 with $4 billion in capital to facilitate local and international investors’ access to high-potential tourism investments across key destinations in the Kingdom, its website stated.