27 October ‎ 2022 | TDF in the News

Tourism Development Fund Signs Financing Agreement with Dana Bay Tourism Company to Develop Mixed-use beach Resort Project in the Eastern Province

The Tourism Development Fund (TDF) signed a financing agreement with Dana Bay Tourism Company, to participate in financing a closed real estate fund worth SAR 644 million. The agreement aims to develop a mixed-use beach resort project that enjoys a unique location on the Eastern Province containing luxurious villas managed by IHG, represented by the InterContinental brand.

The project also contains several facilities such as Dana Beach Walk, comprising of retail stores, restaurants and entertainment venues. Also, Discovery Island will be developed to add an artistic dimension containing a museum and various art galleries in addition to artisanal workshops.

The announcement of the agreement came during the activities of the sixth edition of the Future Investment Initiative, which is currently being hosted in Riyadh. The agreement was signed by the CEO of the Tourism Development Fund, Qusai Abdullah Al-Fakhri and the CEO of Dana Bay Tourism Company, Dr. Bassam Muhammed Boodi.

The CEO of the Tourism Development Fund said: "The Tourism Development Fund is the main investment enabler, serving the objectives of the National Tourism Strategy. Today we signed this agreement with our partners, Dana Bay Tourism Company, through which we translate the Fund's efforts to activate tourism destinations in the Kingdom, by strengthening support programs and diversifying financing solutions. This will contribute to the growth of quality investments in the tourism sector.”

"This agreement is an extension of previous agreements signed by the TDF with many major establishments to support tourism development in the targeted destinations, and to establish new concepts of tourism based on the highest international standards in building luxury resorts with the aim of attracting tourists and enriching their experiences in the Kingdom's tourist destinations." Al-Fakhri added.

The Chairman of the Board of Directors of Dana Bay Tourism Company, Abdul Mohsen Al-Rashed, said: “We focused on tourism industry, and on activating tourism in the Eastern Province, in support of the recreational tourism efforts of the tourism system in the Eastern Province. Adopting international projects in the implementation of real estate projects and the merge between the modern and traditional styles.” Al-Rashed Expressed his happiness in partnering with the Tourism Development Fund to provide a unique experience of its kind, which is reflected in enriching the tourist experience in the tourist destinations identified by the National Tourism Strategy.

For his side, CEO of Dana Bay Tourism Company, Dr. Bassam Muhammed Boodi, welcomed the signing of the agreement with TDF, stressing that it will support the development of tourism projects that will contribute to the development of the Eastern Province, which is one of the most prominent tourist destinations in the Kingdom. The Dana Bay project area is 2.8 million square meters, including tourist attractions such as a water park. Dana Beach resort will stretch along 14 km of pristine beach, which will enhance the region’s development and transformation in line with the Kingdom’s Vision 2030. This partnership with the Tourism Development Fund will also help meet the growing demand for luxury resorts in the Eastern Province.

Furthermore, Managing Director, India, Middle East & Africa, IHG Haitham Mattar said: “We are delighted to partner with Dana Bay Tourism Company on this project. The concept and quality of the master plan makes this an exciting new destination, for the Eastern Province and the Kingdom. In line with consumer trends, we expect emerging destinations like Al Khobar to become more popular with travelers who are seeking new and unique experiences. IHG has pioneered luxury travel in new destinations for decades and will now bring the allure of travel to Al Khobar as well. We are also honored to expand our hotels further in Saudi Arabia to align with the country’s Tourism Development Strategy and Saudi Vision 2030.”

This agreement comes within the framework of TDF’s mission to develop the infrastructure in targeted tourist destinations by supporting and financing tourism investments in a way that supports the future of tourism in the Kingdom and enhances the Kingdom's position as a promising global tourist destination.

In accordance with the National Tourism Strategy, TDF works to support tourism investment to enable enterprises operating in the tourism sector to make optimal use of all the support programs and financing solutions it provides, in order to reach promising investment opportunities in the Kingdom’s tourist destinations, in a way that contributes to achieving goals and aspirations.

 

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