Saudi Arabia: The Tourism Development Fund (TDF) today announced the signing of a financing agreement with Rimal AlKhobar Real Estate Company Ltd., co-owned by Retal Urban Development Co. and Assayel Arabia, to develop the first resort Nobu in the Eastern Province.
The USD 63.5 million (SAR 238 million) project will include a 5-star hotel with more than 100 rooms and suites, 62 residential units, a luxury Nobu restaurant, swimming pools, a health center, a gym and meeting and event venues. Benefiting from an exceptional location on the seafront, the project will be located in the Eastern Province and will contribute to the continuous development of the Kingdom’s tourism sector.
The funding agreement was announced at the second edition of the Future Hospitality Summit in Riyadh, Saudi Arabia, which brings together government leaders, owners and operators under this year’s theme of “Horizons Reimagined” to discuss the future of hospitality.
Wahdan Al Kadi, Commercial Director of TDF, and Eng. Abdullah bin Faisal Al Braikan, CEO of Retal Urban Development, representing Rimal AlKhobar Real Estate Company, signed the agreement which aims to improve tourism and leisure offers, a key part of the sustainable development of Al Khobar and the region in wider. The project presents a significant opportunity that will attract more investors to the Kingdom’s tourism sector, resulting in job creation, improving the overall quality of life and catalyzing the development of tourist destinations.
Wahdan Al Kadi, commercial director of TDFsaid: “The Saudi tourism sector is undergoing significant development momentum and we are committed to enabling the participation of private sector investors and providing them with the necessary support to develop quality tourism projects across the country. country.
“The project’s ideal location and unique offerings ensure that it meets the ever-changing needs of the Saudi market. The Nobu project reflects investor confidence in the Kingdom and signals strong support for tourism development projects. Agreements such as this bear witness to the crucial role that TDF plays in promoting the economic diversification of the Kingdom.
Abdullah bin Faisal Al Braikan of Rimal AlKhobar Real Estate Companysaid, “We are honored to announce our partnership with the Tourism Development Fund. This cooperation will allow us to take advantage of promising investment opportunities, starting with the new Nobu resort. The project will provide exciting activities for visitors to Al Khobar and will provide a unique offer and innovative experiences in the Kingdom’s luxury hospitality sector.”
TDF was established in June 2020 with a capital of $4 billion to drive the growth of tourism in Saudi Arabia. The Fund strives to unify the efforts of the tourism industry and its partners, including lenders, operators and service providers, to enhance the investment experience and facilitate private sector access opportunities across the Kingdom.