$480m fund launched to build hotel resort at King Abdullah Economic City

$480m fund launched to build hotel resort at King Abdullah Economic City

RIYADH: A $480 million fund to build a luxury resort at King Abdullah Economic City (KAEC) has been launched.

Emaar The Economic City (Emaar EC) announced in a Saudi stock market filing on Sunday that a framework cooperation agreement to establish the investment fund had been signed.

It said the agreements would be signed with the Saudi Tourism Development Fund, the Turkish investment company FTG Development, Saudi bank Albilad's investment company, Albilad Capital, and Curacao-based finance company Ekofine Holding BV.

The fund will be allocated toward the development and operation of a five-star resort and hotel under the Dubai-based Rixos brand, owned by Accor International, according to a company statement.

The project, Rixos Emerald Shores, is slated to be one of the largest tourist resorts in KAEC, which is located outside Jeddah.

Rixos Emerald Shores has been designated a total land area of 275,000 square meters, with a 600 meter stretch of Red Sea beach, and a 600 meter long golf course. The resort will also include a water park, kids club, gyms and around 10 restaurants and cafes.

It will have 500 regular hotel rooms and 35 luxury villas.

The project comes as it was announced that Emaar EC's board of directors had accepted the resignation