Saudi’s Emaar EC sells beachfront plot for Rixos resort project in KAEC

Saudi’s Emaar EC sells beachfront plot for Rixos resort project in KAEC

Emaar The Economic City (Emaar EC) has signed a sales agreement for a prime beachfront land plot in King Abdullah Economic City (KAEC), Murooj Golf Community District, as an in-kind contribution to Al Bilad Tourism Fund, the company said in a statement to the Saudi stock exchange.

In return, Emaar EC will acquire units in the closed-ended private real estate investment fund worth 269.2 million Saudi riyals ($71.72 million), representing 41.15 percent of the fund’s equity.

Al Bilad Tourism Fund’s mandate is to develop and operate the 550-key Rixos Emerald Shores resort and exit the project at the planned maturity of 12 years.

In January 2021, EEC signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Company, Albilad Investment Company and Ekofine Holding to establish a 1.8 billion Saudi riyal ($479.53 million) closed and private investment fund.

The proposed fund will develop and operate a five-star comprehensive resort project with more than 500 rooms, a water park and 35 luxury overwater villas under the Rixos brand, the statement said.

The resort will be constructed over a land area of 275,000 square metres with a 600-metre beachfront and view of the golf course located in KAEC.

(Writing by D Madhura; Editing by Anoop Menon)

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