Jun.14, 2021

Tourism Development Fund Signs Financing Agreement for Hotel Project within Ajdan Waterfront


Saudi Arabia’s Tourism Development Fund recently signed a financing agreement with Ajdan Real Estate Development Company, for the construction of a five-star hotel as part of the Ajdan Waterfront project in Al Khobar. The project is the first to be supported by the Fund in the Eastern Province.

The agreement was signed by the CEO of Tourism Development Fund, Qusai Al-Fakhri, and the CEO of Ajdan Real Estate Development Company, Eng. Mohammed Al-Otaibi, marking an exemplary collaboration in line with the Fund’s endeavors to enhance the cooperation between the public and private sectors, as part of its mission to help investors to make quality investments capable of advancing sustainable development in Saudi Arabia’s tourism sector, at various levels.

The project consists of a 20-story hotel with a view of the Arabian Gulf, and it complements the Ajdan Waterfront project which includes a variety of facilities such as the Ajdan Walk as well as a chain of restaurants, international retailers, entertainment amenities, cinema complex, and a tower with 192 luxury housing units.

Fairmont international brand has been selected to manage the hotel, due to its vast experience in operating similar projects.

Al-Fakhri explained that financing this project is an important part of the Fund's strategy to support value-added investments across various destinations as envisioned in the National Tourism Strategy. The Fund also aims to improve the tourist experience and enhance the sources of income in the tourism sector by building partnerships with the private sector as well as by financing projects and attracting the best international operators.

Abdullah Al Fozan, Chairman of the Board of Directors of Ajdan Real Estate Development Company, expressed his happiness on the signing of the agreement, noting that the support provided to the private sector by the Kingdom's government, through the Tourism Development Fund and the tourism system, is a model for boosting investments and accelerating the pace of development.

The CEO of Ajdan Real Estate Development Company indicated that the hotel, which is envisioned as an ideal destination for leisure tourism, consists of 160 luxurious rooms characterized by their spaciousness, in addition to many high-end facilities such as a gym, two multi-use conference rooms, restaurants, cafes and a rooftop lounge with panoramic views.

It is noteworthy that the Tourism Development Fund was established in 2020 as the main supporter for investors, with a capital of SAR 15 billion and the objective of enhancing the development of quality tourism projects that strengthen the Kingdom's position on the global tourism map.

Source: https://www.spa.gov.sa/2240776

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