Tourism Development Fund to co-finance SR1.3bn project in Madinah

Tourism Development Fund to co-finance SR1.3bn project in Madinah

RIYADH — Saudi Arabia's Tourism Development Fund (TDF) in cooperation with Riyad Bank will finance an SR1.3 billion ($346.7 million) project in Madinah aimed at capitalizing on the tourism potential of the holy city, the fund said in a statement carried by the Saudi Press Agency.The fund signed an agreement on Wednesday with Knowledge Economic City and Riyad Bank to finance the development of "KEC Hub", a 68,000 square meter tourism complex in Madinah, making it among the biggest qualitative tourist projects in the holy city.The multi-purpose project will include a five-star hotel that will be operated by a renowned world trademark, in addition to several tourist and entertainment facilities, shopping malls, restaurants and coffee shops, which will enrich the experience of tourists in the area.TDF CEO Qusai Al-Fakhri noted that the finance offered by the fund to the Knowledge City Forum stands at 391 million riyals, pointing out that the bank has offered finance with the same value under the framework of a partnership agreement that TDF signed last