Saudi Tourism Fund Partners With 950 Million Riyals To Carry Out A Project In Abha

The works of the “Asir Investment Forum”, which took place in the period from 2 to 3 December 2022, saw a partnership agreement between the Tourism Development Fund and the Red Sea Markets Company Limited.

The partnership aims to set up a closed-end private real estate investment trust, which will be managed by Saudi Fransi Capital, to invest in a tourism project which is the first of its kind in Abha city, as well as signing a cooperation agreement to operate and manage the hotel between Red Sea Markets Company Limited and Hilton.

In a related context, Banque Saudi Fransi signed a loan agreement with Red Sea Markets Company Limited, for a total value of 643.3 million riyals.

This agreement is part of the strengthening of efforts aimed at integration and cooperation between the two sectors and at stimulating investment in tourist destinations.

The tourism project to be established in Abha city will reflect the efforts of the Tourism Development Fund in developing quality and innovative tourism destinations which will enrich tourism diversity and help improve the tourism experience in the Kingdom and also be of value to the unique urban fabric and the vibrant cultural heritage of the region, to be one of the prominent aesthetic landmarks in it, as it will be implemented by the best houses of design urban; To be a destination for a modern lifestyle inspired by the heritage of the Asir region.

The contribution from the Tourism Development Fund will amount to 150 million riyals, out of the total cost of the project, which exceeds 950 million riyals. A plot of over 75,000 square meters, Hilton has been selected to bring two of its flagship brands to the project, including Hilton, Hotel and Canopy by Hilton.

This step is one of the results of the cooperation agreement between the Tourism Development Fund and Hilton, which was recently signed on the sidelines of the World Travel and Tourism Council World Summit, which was held in Riyadh.

The importance of this partnership comes to support the thriving tourism sector in the Kingdom, in line with the national strategy for tourism, as the project aims to invest in the vital strengths of the Asir region to provide a blend of distinctive hospitality, comfort and elements of luxury, and to offer a unique experience to tourists and residents thanks to the region’s charm, nature and down-to-earth atmosphere.

The project will reflect in its architectural designs the cultural heritage of the region and its beating heart.

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