Saudi Arabia’s Tourism Development Fund (TDF) signed a financing agreement with Rimal AlKhobar Real Estate Company to develop the first Nobu complex in the Eastern Province. The $63.5mn project will feature a 5-star hotel with over 100 rooms and suites, 62 residential units, a Nobu restaurant, pools, a health center, gym, and meeting and event venues.
Rimal AlKhobar Real Estate Company is co-owned by Retal Urban Development Co and Assayel Arabia.
Wahdan Al Kadi, Chief Business Officer of TDF, and Eng Abdullah bin Faisal Al Braikan, CEO of Retal Urban Development representing Rimal AlKhobar Real Estate Company, signed the agreement that aims to enhance tourism and leisure offerings, which is a key component of the sustainable development of Al Khobar and the wider region. The project presents a significant opportunity that will attract more investors to the Kingdom’s tourism sector, resulting in job creation, improving overall quality of life, and catalysing further development of tourism destinations, said a statement.
Al Kadi commented, “The Saudi tourism sector is undergoing a major development drive and we are committed to enabling private sector investors’ participation and providing them with the necessary support to develop quality tourism projects across the country. The project’s ideal location and unique offerings ensure that it meets the evolving needs of the Saudi market. The Nobu project reflects investors’ confidence in the Kingdom and signals strong support for tourism development projects. Agreements like this are testament to the crucial role that TDF plays in advancing the Kingdom’s economic diversification.”
Al Braikan added, “We are honoured to announce our partnership with the TDF. This cooperation will enable us to take advantage of promising investment opportunities, beginning with the new Nobu complex. The project will provide exciting activities for Al Khobar’s visitors and offer unique and innovative experiences within the Kingdom’s luxury hospitality sector.”
TDF was established in June 2020 with a capital of $4bn to drive tourism growth in Saudi Arabia. The fund works to unify the efforts of the tourism sector and its partners including lenders, operators, and service providers, to enhance the investment experience and facilitate private sector access to opportunities across the Kingdom, the statement concluded.
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