Tourism Development Fund signs SAR 644 mln financing deal to develop integrated marine resort

The Tourism Development Fund (TDF) signed a financing agreement with Dana Bay Tourism Co., to participate in financing a closed real estate fund worth SAR 644 million, Saudi Press Agency reported.

The agreement aims to develop a mixed-use beach resort project that enjoys a unique location in the Eastern Province, containing luxurious villas managed by IHG, represented by the InterContinental brand.

The project also contains several facilities such as Dana Beach Walk, comprising of retail stores, restaurants and entertainment venues. Also, Discovery Island will be developed to add an artistic dimension containing a museum and various art galleries in addition to artisanal workshops.

Qusai Al-Fakhri, CEO of TDF, said: "The fund is the main investment enabler, serving the objectives of the National Tourism Strategy. Today we signed this agreement with our partners, Dana Bay Tourism Company, through which we translate the Fund's efforts to activate tourism destinations in the Kingdom, by strengthening support programs and diversifying financing solutions. This will contribute to the growth of quality investments in the tourism sector.”

"This agreement is an extension of previous agreements signed by the TDF with many major establishments to support tourism development in the targeted destinations, and to establish new concepts of tourism based on the highest international standards in building luxury resorts with the aim of attracting tourists and enriching their experiences in the Kingdom's tourist destinations," Al-Fakhri added.