Tourism Development Fund (TDF) signed an agreement to finance and develop The Ritz-Carlton Khobar with RC Beach Real Estate Fund, managed by Blominvest as the first beach resort in the Eastern Province, Khobar. Al Fozan Holding and Mansour Bin Jumah & Sons Holding Co. (MBJ) with the partnership of Bank AlJazira.
The agreement was signed in presence of Ahmed Al Khateeb, Minister of Tourism and Chairman of TDF, Majed Al-Hogail, Minister of Municipal and Rural Affairs and Housing, Chairman of Al Fozan Holding and Chairman of MBJ. Among other attendees were Qusai Al-Fakhri, CEO of TDF and Abdullah Albraikan, CEO of Retal Urban Development Co. on the sidelines of Cityscape Global Exhibition 2023 in Riyadh, the SPA reported.
The agreement embodies the strategy of TDF, as an enabler of the Saudi tourism sector. Over a year, TDF played a key role in turning the items of the agreement into reality through leading cooperation with Retal to develop The Ritz-Carlton Khobar. The new hotel will enhance the hospitality potentials and options in Khobar city, being one of the most beautiful coastal cities in the Kingdom. It will provide luxury residence through 130 luxury rooms and suites, 48 chalets on a total area of 99,917 square meters. The hotel will comprise restaurants and services facilities to host conferences, a resort and other sports and entertainment facilities on the Arabian Gulf.
TDF is the strategic partners of Cityscape Global Exhibition 2023.
Source : Argaam