The Tourism Development Fund signs a financing agreement for a hotel project in Sharkia

The Tourism Development Fund signed a financing agreement with Rimal Al-Khobar Real Estate Company Ltd., to develop a 5-star hotel in the Eastern Province, one of the leading 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 the Head of the Business Sector at the Tourism Development Fund, Wahdan Al-Qadi, and the CEO of Retal for Urban Development, Eng. Abdullah Al-Braikan, a member of the Board of Directors of Rimal Al-Khobar Company.

The partnership aims to enhance tourism and entertainment services for the eastern region, to form one of the elements of sustainable development in the region, as the new project represents an important investment opportunity that contributes to attracting more investors to the tourism sector in the Kingdom, thus enhancing its position as a vital sector with the aim of creating job opportunities and improving the quality of life.

Al-Qadi explained that the tourism sector in the Kingdom is witnessing an important economic development renaissance, stressing that the Tourism Development Fund is committed to attracting more investors and providing the necessary support for them to develop quality tourism projects that keep pace with this renaissance, noting that the project reflects the confidence of investors in the investment climate at the present time and what is being offered. Support for tourism development projects.

He explained the importance of these projects, which highlight the pivotal role of the private sector in pushing the wheel of tourism and economic development in the Kingdom, pointing out that the project’s location, services and features that it will provide, make it one of the important tourism and residential projects that meet this great demand witnessed by the Saudi market today, explaining that the project contains More than 100 hotel rooms and suites, 62 housing units, a luxury restaurant, as well as swimming pools, a health center, a gym, and spaces for meetings and events, at an estimated cost of about 238 million riyals.


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