Saudi tourism fund to support and develop Ritz-Carlton resort in Alkhobar

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Tourism and hospitality in Alkhobar are set to receive a significant boost as the Saudi Tourism Development Fund plans to finance and develop the Ritz-Carlton property in the city. The fund has partnered with RC Beach Real Estate Fund, Al Fozan Holding, Mansour Bin Jumah & Sons Holding Co., and Bank AlJazira for this project. It aligns with the fund’s mission to encourage private sector investments in promising tourism ventures, supporting the National Tourism Strategy and contributing to the Kingdom’s economic growth.

The Ritz-Carlton resort, situated along the Arabian Gulf coast, is expected to make a substantial contribution to the growth of the local hospitality industry. It will offer luxurious accommodations, including 130 rooms and suites, along with 48 chalets, spanning an area of about 99,917 square meters. The resort will also feature upscale restaurants, conference facilities, a spa, high-tech amenities, and a design that captures the authentic essence of the local region. Its strategic location makes it an ideal destination for visitors from across the Kingdom, residents of the Eastern Province, and travelers from Gulf Cooperation Council countries.

Additionally, Saudi Arabia’s Wafi program has entered into a memorandum of understanding with the Tourism Development Fund to provide support for real estate developers undertaking projects in the Kingdom’s tourism sector, aligning with the goal of enhancing both the real estate and tourism industries.

The fund’s vision is to play a pivotal role in realizing the objectives of the National Tourism Strategy by unlocking opportunities within the tourism value chain for private sector investors, with a strong emphasis on long-term sustainability.

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