Saudi Arabia’s Tourism Development Fund (TDF) signed two memorandums of understanding (MoUs) with Fakieh Group to establish two mega tourism projects in Taif and Jeddah.
Under the first MoU, a project that will be the first of its kind will be established in Taif on a land plot of more than 165,000 square meters. It will comprise a resort and a five-star, 200-bed hotel, a group of restaurant brands and entertainment zones.
Also, both parties under the second MoU will develop Al-Nawras Island on Jeddah Corniche to become a beachfront that features entertainment facilities, bay walk for visitors, restaurants, yachts club and a marina.
TDF CEO Qusai al-Fakhri and Fakieh Group Chief Abdulrahman Fakieh signed the deals at the fund’s headquarters in Riyadh.
In a statement on Wednesday, Fakhri said Taif is one of the major tourist destinations in the Kingdom, due to its location, nature and atmosphere.
He pointed out that developing various tourism projects with high specifications comes in line with the national tourism strategy, which aims to attract 100 million visitors by 2030, raise job opportunities to 1.5 million, and increase the tourism sector’s contribution to the GDP by 10 percent.
Fakhri stated that Jeddah’s project will contribute to increasing the number of high-end and varied tourist and entertainment activities to serve visitors at the ancient city on the Red Sea coast.
For his part, Fakieh said the tourism sector represents a great investment opportunity for investors.
He also noted that it aims at providing suitable services to citizens and tourists that compete with the world’s largest tourist destinations and makes the Kingdom a tourism hub.
