Saudi Tourism Development Fund (TDF) has entered into a finance agreement with Arab National Bank and real estate group Hamat Holding for its premium retail destination, Masar Mall, being set up at an investment of SAR936 million ($250 million) in the Makkah region.

A leading player in the kingdom's commercial real estate sector, Hamat Holding owns and operates a portfolio of the finest shopping centres with international standards across the Kingdom.

The agreement is aimed at facilitating the SAR936 million ($250 million) Masar Mall project and comes as part of TDF's efforts to support high-quality tourism investment projects in the Makkah region.

Once completed, it will become a key development within the mega Masar Destination offering an integrated experience for visitors and Umrah performers by providing a range of international brands, diverse dining options, family- and senior-friendly spaces.

Masar Destination is a comprehensive development in Makkah that includes hotels, residential units, healthcare facilities, and cultural spaces, improving the quality of life and enhancing the city’s readiness to receive visitors and pilgrims. It will also boast entertainment and cultural facilities aimed at enhancing the visitor experience and elevating the quality of tourism offerings in Makkah.

The agreement was sealed in the presence of Ahmed Al Khateeb, the Minister of Tourism and TDF Board of Directors Chairman.

This agreement strengthens the partnership between TDF and Arab National Bank to support investment and develop tourism destinations through innovative financing solutions, said TDF in its statement.

The project will offer an integrated experience for visitors and Umrah performers by providing a range of international brands, diverse dining options, family- and senior-friendly spaces, and entertainment and cultural facilities aimed at enhancing the visitor experience and elevating the quality of tourism offerings in Makkah, it added.

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