Signing the agreement
Tourism Development Fund (TDF) and Red Sea Markets Co. Limited signed a partnership agreement in the presence of the Governor of Aseer Province Prince Turki bin Talal bin Abdulaziz, Minister of Tourism, Chairman of TDF Ahmed Al-Khatib, and Minister of Investment, Khalid Al-Faleh.
This agreement was signed at the Aseer Investment Forum held on Dec. 2-3.
The partnership aims to establish a closed private real estate investment fund, which will be managed by Saudi Fransi Capital, to invest in a tourism project in Abha, in addition to signing a cooperation agreement to operate and manage the hotel between Red Sea Markets and Hilton.
Banque Saudi Fransi signed a financing agreement with the Red Sea Markets at SAR 643.3 million.
This agreement comes within the framework of reinforcing efforts aimed at integration and cooperation between the two sectors, and stimulating investments in tourist destinations.
TDF will contribute SAR 150 million out of the project's total cost, which exceeds SAR 950 million.
Spanning over an area of 75,000 square meters, the project will comprise a luxury hotel with a capacity of 150 hotel room and 100 hotel apartments, in addition to a shopping mall and entertainment facilities.
Hilton was chosen to bring two of its brands, including Hilton Hotels and Canopy by Hilton.
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