The Tourism Development Fund signed a financing agreement for The Avenues Khobar project worth SAR4.35 billion with a banking alliance led by the Arab National Bank. The alliance includes the First Saudi Bank, Riyad Bank, and the National Bank of Kuwait, along with Shomoul Holding. The agreement aims to finance the construction of the first phase of The Avenues Khobar project which includes a commercial center and multi-use towers.
The Avenues Khobar’s importance
The Avenues Khobar project is located northwest of the intersection of King Saud Road and Prince Sultan Road. It seeks to enhance the tourism sector as well as the shopping, leisure and entertainment offers in the region.
The total value of The Avenues Khobar project amounts to SAR7.2 billion with a total leasable area estimated at 170,000 square meters. It includes 8 shopping areas, 10 cinemas, and special entertainment spaces. In addition, it includes two towers, which will include a hotel, conference halls, office spaces, and parking for more than six thousand vehicles.
Tourism Development Fund
The Tourism Development Fund was established in 2020 with a capital of $4 billion to support the advancement of the tourism sector in Saudi Arabia. It is a major gateway for local and international investors looking to benefit from the great potential of the tourism sector. Moreover, the fund provides viable financing solutions and leverages its extensive network of partners. These include government agencies and financing institutions from the public and private sectors. Additionally, the fund also supports operators and service providers in Saudi Arabia’s tourism sector.
Read: Saudi Arabia concludes €1 billion financing deal with Italy’s SACE
The fund’s services
The Tourism Development Fund is an essential pillar within the tourism sector’s comprehensive system in Saudi Arabia. It provides consultation, guidance, financing opportunities and options for major projects. Moreover, it supports large, medium, small, and micro-enterprises. Additionally, it seeks to support enterprises and projects that contribute to the growth and development of the tourism sector in the kingdom. It also enhances the local economy and provides investment solutions designed specifically for investors.
The Tourism Development Fund’s vision focuses on achieving the goals of the National Tourism Strategy. Thus, it creates opportunities across the entire tourism value chain that benefit private sector investors with a focus on long-term sustainability.
For more news on banking & finance, click here.
