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 $63.5M project will feature a five-star hotel with over 100 rooms and suites, 62 residential units, a luxury Nobu restaurant, pools, a health centre, 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 catalysing further development of tourism destinations.
