TDF in deal to develop mixed-use beach resort in Saudi’s Eastern Province

TDF in deal to develop mixed-use beach resort in Saudi’s Eastern Province

Saudi Arabia's The Tourism Development Fund (TDF) has sealed a SR644 million ($175.3 million) finance agreement with Dana Bay Tourism Company to develop a mixed-use beach resort project in the kingdom's Eastern Province featuring luxurious villas managed by IHG, represented by the InterContinental brand.

Spread over a 2.8 million sq m area, the Dana Bay project boasts a beach resort will stretch along 14 km of pristine beach, as well as tourist attractions such as a water park.

It also contains several key facilities such as Dana Beach Walk, comprising retail stores, restaurants and entertainment venues.

Also, the duo will develop Discovery Island to add an artistic dimension containing a museum and various art galleries in addition to artisanal workshops.

The agreement was signed on the sidelines of the sixth edition of the Future Investment Initiative, held in Riyadh.

"TDF is the main investment enabler, serving the objectives of the National Tourism Strategy. Through this deal we translate the Fund's efforts to activate tourism destinations in the kingdom, by strengthening support programs and diversifying financing solutions, remarked its CEO Qusai Abdullah Al Fakhri after sealing the deal with Dana Bay Tourism Company CEO Dr Bassam Muhammed Boodi.

"This will contribute to the growth of quality investments