Riyadh - Sharikat Mubasher: Saudi Arabia’s Tourism Development Fund (TDF) signed two memoranda of understanding (MoUs) to accelerate the development of high-quality tourism projects in King Abdullah Economic City (KAEC).
These agreements underscore the Fund’s efforts to position KAEC as a leading global destination on the Red Sea coast, in alignment with the objectives of Vision 2030 and the National Tourism Strategy, the TDF stated in a press release today.
The principal MoU was signed between the TDF and Emaar, The Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), in the presence of Qusai Al-Fakhri, TDF's Chief Executive Officer, and Abdulaziz Alnowaiser, CEO of Emaar, The Economic City (EEC).
Under this MoU, both entities will develop a diversified portfolio of coastal projects, including all-inclusive resorts, global hotel brands, and lifestyle destinations designed to serve diverse visitor segments, including beach tourism, travel experiences, and family-oriented offerings.
It also outlines the development of two five-star beachfront resorts, premium-branded residences operated by international hospitality operators, access to the waterfront, beach clubs, and signature dining experiences, spa, yachting and water-sports activities, family destinations, and children-focused experiences, as well as entertainment offerings.
The Fund signed another MoU with K. Hovnanian M.E. Investments and Emaar, The Economic City (EEC), to leverage K. Hovnanian M.E. Investments’ expertise as an investor and developer of tourism projects in KAEC.
Robert Hofmann, Chief Executive Officer of K. Hovnanian M.E. Investments, stated: “This memorandum provides an important framework for knowledge exchange and joint development of projects aligned with global best practices, contributing to the growth of the tourism sector and enhancing Saudi Arabia’s appeal as an investment and tourism destination.”
For his part, Al-Fakhri affirmed that the MoUs strengthen TDF’s role as a national enabler of the tourism sector, through aligning public- and private-sector efforts and building strategic partnerships that support the development of high-quality tourism projects and enhance the participation of local and international private-sector stakeholders in developing coastal destinations across the Kingdom.
Through its strategic partnerships, the TDF continues to strengthen Saudi Arabia’s tourism investment ecosystem and reinforce the positioning of its destinations as global hubs for high-quality tourism projects.
