Saudi Arabia’s Tourism Development Fund has teamed up with Al-Ameen Real Estate, a subsidiary of the kingdom’s Al Nahla Group, to launch a 300 million Saudi riyals ($79.9m) tourism project in the city of Taif.
Named ‘Taif Front’, the 100,000-square-metre destination will be located in Taif in Al Khalidiyah district of the kingdom. It will include upscale accommodations with more than 150 rooms, and premium retail and entertainment offerings including food and beverage outlets.
The site is also close to attractions such as King Fahd Park, the largest garden in Taif.
“This signature mixed-use destination in Taif reflects our commitment to developing untapped tourism destinations in line with the National Tourism Strategy,” TDF’s chief executive Qusai Al-Fakhri said.
“With its ideal climate and strong agriculture industry, Taif is in a prime position for development, and we look forward to providing local and international tourists with best-in-class offerings to enhance the region’s tourism offerings,” Mr Al-Fakhri said.
Tourism is one of the key pillars of the kingdom's Vision 2030 transformation programme, which seeks to diversify the economy and reduce its dependence on oil.
Saudi Arabia plans to invest more than $1 trillion in the tourism sector over the next 10 years, Ahmed Al Khateeb, Saudi Arabia's Minister of Tourism and chairman of the TDF's board of directors, said in October.
TDF aims to transform the kingdom’s tourism sector through the enablement of private sector investments. It has enabled projects with an investment value of around 6 billion riyals, including more than 4bn riyals in private sector investments, which will add an estimated 3,500 rooms and 21,000 jobs over the next three years.
Saudi Arabia, the world’s biggest oil exporter, is rapidly transforming its economy as it aims to reduce its dependence on oil, nurture domestic industries, boost jobs and diversify revenue.
The Arab world’s largest economy's famous tourism projects include Qiddiya, a huge entertainment and sports project, and Neom, a $500bn futuristic city comprising a nature reserve, coral reefs and heritage sites on islands along the Red Sea.
“We believe in the kingdom’s potential and focus on high-quality real estate investments in line with our strategic vision,” executive general manager of Al-Nahla Group Sultan Khaled Al-Turki said.
“We are pleased to sign this agreement with TDF to develop the mixed-use destination in Taif, a location with significant potential that will benefit both residents and tourists alike,” he added.