Saudi Arabia’s Tourism Development Fund (TDF) has signed a financing agreement with Nama Alamal to establish a five-star hotel project managed by IHG Group under the Intercontinental brand.

The project includes 163 hotel units consisting of 120 rooms and 43 villas, and the project area exceeds 18,000 sq m in (Al-Fara’a) in Asir region, a tourism destinations, reported Saudi Press Agency (SPA).

The financing agreement was signed during the activities of the recently held Asir Investment Forum in the presence of Prince Turki bin Talal bin Abdulaziz, Governor of Asir region; Minister of Tourism and Chairman of the Board of Directors of the Tourism Development Fund, Ahmed Bin Aqeel Al-Khateeb; Minister of Investment, Khalid bin Abdulaziz Al-Faleh; CEO of the Tourism Development Fund, Qusay bin Abdullah Al-Fakhri, and owner of Nama Alamal, Mushabab bin Ali Al-Hamas Al-Qahtani.