Saudi TDF inks SAR 238 mln financing deal with Rimal AlKhobar

26/05/2022 Argaam
Signing ceremony of financing agreement

Signing ceremony of financing agreement

Saudi Arabia’s Tourism Development Fund (TDF) inked a financing deal with Rimal AlKhobar Real Estate Co. to develop a five-star hotel in the Eastern Province.

 

The agreement came on the sidelines of the second edition of the Future of Hospitality Summit in Riyadh.

 

The SAR 238 million project will comprise over 100 hotel rooms and suites, 62 housing units in addition to a restaurant and other amenities, said Wahdan Al Kadi, chief business officer at TDF.

 

Al Kadi pinpointed TDF’s commitment to attract more investors and provide them with the necessary support to develop quality tourism projects.

 

Rimal is co-owned by Retal Urban Development Co. and Assayel Arabia Real Estate Co.

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