Saudi’s Tourism Development Fund partners with Al Nahla Group to launch $80m destination

Saudi Arabia’s Tourism Development Fund (TDF) has partnered with Al-Ameen Real Estate, part of Al Nahla Group, to launch a SAR300m ($80m) tourism project in Taif.

Named ‘Taif Front’, the 100,000 square meter destination will be located in the Al Khalidiyyah district, and will feature upscale accommodation with more than 150 keys, retail and entertainment offerings including F&B outlets, and other facilities, a statement said.

The project will also house significant outdoor space for guests, and will feature shopping centers with international flagship stores, as well as a boulevard with local and international brand outlets. The site is also close to attractions such as King Fahad Park.

لتنمية المناطق السياحية الناشئة في السعودية؛ #صندوق_التنمية_السياحي يعلن اليوم عن شراكة إستراتيجية مع شركة الأمين المميزة، الذراع العقاري لمجموعة النهلة.#واجهة_الطائف pic.twitter.com/W7Yhs3PVah

— صندوق التنمية السياحي (@TDF_SA) January 24, 2022

Qusai Al-Fakhri, CEO of TDF, said: “This signature mixed-use destination in Taif reflects our commitment to developing untapped tourism destinations in line with the National Tourism Strategy. 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.”

Sultan Khaled Al-Turki, executive general manager of Al-Nahla Group, said: “At Al Nahla Group, we believe in the kingdom’s potential and focus on high-quality real-estate investments in line with our strategic vision. 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.”

مشروع سياحي رائد في الطائف..
تحت مسمى #واجهة_الطائف في شراكة إستراتيجية بين #صندوق_التنمية_السياحي وشركة الأمين المميزة، الذراع العقاري لمجموعة النهلة لتنمية المناطق السياحية الناشئة في إطار الإستراتيجية الوطنية للسياحة.

— صندوق التنمية السياحي (@TDF_SA) January 24, 2022

Between June 2020 and the end of September 2021, TDF has enabled projects with an investment value of around SAR6bn ($1.6bn), including over SAR4bn ($1.06bn) in private sector investments, which will add an estimated 3,500 rooms and 21,000 jobs over the next three years.

Saudi Arabia has a unveiled a slew of hospitality projects to underpin the economy and boost its touristic outlook.

Boutique Group, a new hospitality brand, that will manage and convert several historic and cultural palaces in Saudi Arabia into ultra-luxury boutique hotels, was launched today.

Read: Saudi Crown Prince unveils new hospitality brand to revive kingdom’s heritage

Last year, the kingdom’s Red Sea Development Company (TRSDC) signed nine hotel management agreements with international brands to operate resorts in the first phase of development at the Red Sea project.

Read: Saudi’s Red Sea project signs agreements for nine hotels with 1,700 keys

Upon completion in 2030, the project will have 50 hotels offering up to 8,000 hotel rooms and approximately 1,000 residential properties across 22 islands and six inland sites.

PIF also said last year that it will invest almost $3bn on Soudah Development, a tourism project in a mountainous region near the kingdom’s border with Yemen.

Read: Saudi wealth fund commits $3bn to build mega mountain resort project, Soudah

Saudi Crown Prince also launched a masterplan to sustainably develop the historical area of AlUla.

Read more: Saudi Crown Prince launches master development plan for AlUla