Emaar EC starts designing Rixos Emerald Shores project, eyes operation in Q2 2023: official

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Emaar The Economic City Co. (Emaar EC) started the planning and design work for the Rixos Emerald Shores project in King Abdullah Economic City (KAEC), in addition to the development phase, Ibrahim Binaquil, senior director, head of marketing & strategic partnerships- commercial developments, told Al Arabiya TV.

He pointed out that the target date for operation is Q2 2023.

The capital of the investment fund, the agreement for which was signed last week, will be a mixture between the pooled capital and loans from local banks, the official said.

He also indicated that the targeted capital that will be collected through Emaar, FTG Development Co. and other investors invited by Albilad Capital, the fund manager, targeting to raise SAR 500 million, with the rest to be financing from commercial banks.

The Tourism Development Fund will provide direct support, Binaquil said, stressing the KAEC’s ability to attract local or foreign investments.

He also indicated that the added value of the project for the shareholders is to enhance KAEC’s position as a tourist and entertainment destination on the Red Sea coast, in addition to raising the real estate value of its land stock, which will positively affect the shareholder and investor. The project will also be the strategic starting point for the company to launch the city’s waterfront.

Earlier this week, Emaar EC signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Co., Albilad Investment Co. and Ekofine Holding BV to establish a SAR 1.8 billion closed and private investment fund, according to data compiled by Argaam.