Saudi Arabia's Tourism Development Fund (TDF) today announced the signing of a financing agreement with Rimal AlKhobar Real Estate Company, co-owned by Retal Urban Development Co and Assayel Arabia, to develop the first Nobu complex in the Eastern Province.
The $63.5 million (SR238 million) project will feature a 5-star hotel with over 100 rooms and suites, 62 residential units, a luxury Nobu restaurant, pools, a health center, gym, and meeting and event venues.
With an outstanding seafront location, the project will contribute towards the ongoing development of the Kingdom’s tourism sector, said a statement.
The financing agreement was announced during the second edition of the Future Hospitality Summit in Riyadh, Saudi Arabia, which brought together government leaders, owners, and operators under this year’s theme of ‘reimagined horizons’ to discuss the future of hospitality.
Wahdan Al Kadi, Chief Business Officer of TDF, and Eng Abdullah bin Faisal Al Braikan, CEO of Retal Urban Development, representing Rimal AlKhobar Real Estate Company, signed the agreement that aims to enhance tourism and leisure offerings, a key component of the sustainable development of Al Khobar and the wider region. The project presents a significant opportunity that will attract more investors to the Kingdom's tourism sector, resulting in job creation, improving overall quality of life, and catalyzing further development of tourism destinations.
Al Kadi said: "The Saudi tourism sector is undergoing a major development drive and we are committed to enabling private sector investors’ participation and providing them with the necessary support to develop quality tourism projects across the country.
“The project’s ideal location and unique offerings ensure that it meets the evolving needs of the Saudi market. The Nobu project reflects investors’ confidence in the Kingdom and signals strong support for tourism development projects. Agreements like this are testament to the crucial role that TDF plays in advancing the Kingdom’s economic diversification.”
Al Braikan said: "We are honoured to announce our partnership with the Tourism Development Fund. This cooperation will enable us to take advantage of promising investment opportunities, beginning with the new Nobu complex. The project will provide exciting activities for Al Khobar’s visitors and offer unique and innovative experiences within the Kingdom’s luxury hospitality sector."
TDF was established in June 2020 with a capital of $4 billion to drive tourism growth in Saudi Arabia. The fund works to unify the efforts of the tourism sector and its partners including lenders, operators, and service providers, to enhance the investment experience and facilitate private sector access to opportunities across the kingdom. -TradeArabia News Service