17 Apr The Tourism Development Fund signs a financing agreement with Ezdihar Real Estate Development Company
The Tourism Development Fund signs a financing agreement with Ezdihar Real Estate Development Company to implement Jeddah Cove project, a unique touristic and entertainment landmark on Jeddah’s waterfront.
The project will encompass over 100 commercial brands, and a one-of-a-kind fountain designed by international companies, as well as a variety of entertainment facilities, a cinema, and many restaurants. The project area is estimated at 137,000m2 of which 70,000 m2 is leasable, which is expected to offer the highest standards of living and introduce a new definition of tourism and entertainment in the Kingdom.
As a new destination on the coast of the Red Sea, the project aims to support the hospitality and entertainment sectors in the Kingdom, by opening restaurants, cafés, entertainment and retail stores, which contributes to the economic growth, creates job opportunities for the youth and improves standards of living, which are in line with the National Tourism Strategy.
The CEO of the Tourism Development Fund, Mr. Qusai bin Abdullah Al Fakheri, explained that the agreement signed with Ezdihar Real Estate Development Company -a pioneer in developing tourism projects- is part of the Fund’s efforts to invest in quality tourism projects, and Jeddah Cove project carries a contemporary vision that is in line with our objectives to create tourism projects and products that bolster the future of the sector and its growth, through developing the infrastructure and improving the touristic offerings to provide visitor with an optimal experience.
Meanwhile, the CEO of Ezdihar Real Estate Development Company, Mr. Abdul Mohsen Bin Fawaz Al-Hokair, welcomed the signing of the agreement with the Tourism Development Fund, highlighting the important role the private sector has in the economic development process, through creating inspiring tourism projects that enriches the visitor’s experience and ensures the future of tourism in the Kingdom. He added that Jeddah is the most attractive city in terms of tourism, being the gateway to the holy sites, with its charming beaches, rich architecture, and unique urban planning, making it an attractive destination for visitors from around the world.
The Tourism Development Fund aims to promote and support investments and projects in the top 10 targeted tourist destinations, with a bundle of programs and financing solutions aimed at encouraging the private sector that contributes to the prosperity of the Kingdom’s tourism future.