Saudi Arabia’s Tourism Development Fund to co-finance $346m tourism project in Madinah

Saudi Arabia’s Tourism Development Fund to co-finance $346m tourism project in Madinah

Saudi Arabia's Tourism Development Fund (TDF) will jointly finance a 1.3 billion Saudi riyals ($346 million) project in Madinah aimed at capitalising the tourism potential of the holy city.

The fund signed an agreement on Thursday with Knowledge Economic City and Riyad Bank to finance the development of "KEC Hub", a 68,000 square metre tourism complex in Madinah.

“This agreement is one of several successful agreements with local banks aimed at providing investors with attractive financial solutions that encourage investments into this promising sector,” Qusai Al Fakhri, chief executive of TDF said in a statement.

“It exemplifies our commitment to delivering on the National