RIYADH: Tourism and hospitality in Alkhobar will soon receive a significant boost with a government fund planning to finance and develop the Ritz-Carlton property in the city, according to the Saudi Press Agency.
Saudi Arabia’s Tourism Development Fund has partnered with Riyadh-based RC Beach Real Estate Fund to finance and develop the Ritz-Carlton Khobar, the first beach resort in the city.
The other parties involved in the deal include Al Fozan Holding, Mansour Bin Jumah & Sons Holding Co., and Bank AlJazira.
The agreement aligns with TDF’s mission to facilitate private sector investments in promising tourism ventures, furthering the objectives of the National Tourism Strategy and contributing to the Kingdom’s economic growth, as reported by the SPA.
The fund’s strategy stands as one of the primary drivers of the Kingdom’s tourism sector. TDF has played a pivotal role in transforming the agreement into a reality, forging a partnership with the real estate developer, Retal Urban Development Co.
Situated along the Arabian Gulf coast, the development of the Ritz-Carlton resort is expected to make a substantial contribution to the growth of the hospitality industry in Alkhobar.
The resort is expected to offer luxurious accommodations, comprising 130 rooms and suites, along with 48 chalets, spanning a total area of around 99,917 sq. meters.
In addition to this, the resort will offer upscale and informal restaurants, service facilities for hosting conferences and a spa.
Additionally, the resort will provide high-tech amenities and showcase a design that captures the authentic essence of the local region. Its strategic location makes it an ideal destination for local visitors from across the Kingdom, residents of the Eastern Province, and travelers from Gulf Cooperation Council countries.
Meanwhile, Saudi Arabia’s Wafi program has entered into a memorandum of understanding with TDF to provide support for real estate developers undertaking projects in the Kingdom’s tourism sector, as reported by the Saudi Press Agency on Sunday.
The Saudi government initiated the Wafi program to oversee off-plan property sales. This agreement aligns with the Kingdom’s strategy to enhance both the real estate and tourism sectors.
The fund’s vision is to play a pivotal role in realizing the objectives of the National Tourism Strategy by unlocking opportunities within the tourism value chain for private sector investors, with a strong emphasis on long-term sustainability.
Source: Arab News