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Thursday, Dec 08, 2022

Tourism Development Fund, Dana Bay Tourism Co. ink real estate deal worth $172m

Tourism Development Fund, Dana Bay Tourism Co. ink real estate deal worth $172m

The Tourism Development Fund has signed an agreement with Dana Bay Tourism Co. to finance a closed real estate fund worth SR 644 million ($172 million).
The project entails the development of a mixed-use beach resort project in the Eastern Province that will include luxurious villas managed by IHG, which is represented by the InterContinental brand.

It will include a number of amenities such as the Dana Beach Walk, which offers retail stores, restaurants and entertainment venues. In addition, a Discovery Island will be constructed to include a museum, art galleries and artisanal workshops.

The agreement was announced during the sixth edition of the Future Investment Initiative, which kicked off in Riyadh on Tuesday and will run until Thursday.

The agreement was inked by TDF CEO Qusai Abdullah Al-Fakhri and Dana Bay Tourism CEO Dr. Bassam Mohammed Boodi.

“The Tourism Development 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 Co., 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,” Al-Fakhri said

“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,” he added.

Chairman of the Board of Directors of Dana Bay Tourism Abdul Mohsen Al-Rashed said the company is focused on bolstering tourism in the Eastern Province through real estate projects that blend modern and traditional styles.

The Dana Bay project area is 2.8 million square meters, including attractions such as a water park and a beach resort that will stretch along 14 km of pristine beach, enhancing the region’s urban growth in line with Vision 2030.

The partnership with the TDF will also help meet the growing demand for luxury resorts in the Eastern Province.

“We are delighted to partner with Dana Bay Tourism Co. on this project. The concept and quality of the master plan makes this an exciting new destination, for the Eastern Province and the Kingdom,” IHG Managing Director for India, the Middle East and Africa Haitham Mattar said.

Mattar continued: “In line with consumer trends, we expect emerging destinations like Alkhobar to become more popular with travelers who are seeking new and unique experiences. IHG has pioneered luxury travel in new destinations for decades and will now bring the allure of travel to Alkhobar as well.

“We are also honored to expand our hotels further in Saudi Arabia to align with the country’s Tourism Development Strategy and Saudi Vision 2030.”
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