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 in the tourism sector," he added.

 

Al Fakhri said the agreement was an extension of previous agreements signed by the TDF with several major tourism industry players to support key leisure developments in targeted destinations, and to establish new concepts of tourism based on the highest international standards in building luxury resorts.

 

Dana Bay Tourism Company Chairman Abdul Mohsen Al Rashed said the company is focused on activating tourism in the Eastern Province through adoption of international standards mainly in the development of real estate projects by merger of the modern and traditional styles.

 

He expressed delight in partnering with the TDF 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.

 

Dr Muhammed Boodi said it will support such tourism projects as they contribute immensely to the development of the Eastern Province, which is fast turning out into a tourism hotspot in the kingdom. 

 

IHG Managing Director (India, Middle East and Africa) Haitham Mattar said: "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 travellers 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," stated Mattar.

 

According to him, this agreement comes within the framework of TDF’s mission to develop the infrastructure in targeted tourist destinations by supporting and funding such lifestyle projects.

 

In accordance with the National Tourism Strategy, TDF works to support tourism investment to enable enterprises operating in the sector to make optimal use of all the support programmes 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, he added.