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Riyadh, Saudi Arabia – The Tourism Development Fund (TDF) and Seera Group today signed a financing agreement to establish and operate the Raghadan Tourist Resort, the first sustainable tourism project in the Al Baha region – one of the main investment destinations identified under Saudi Arabia’s National Tourism Strategy.
The agreement was signed during an event at the Al Baha Principality Building by Qusai Al-Fakhri, CEO of TDF and Majed Al Nefaie, CEO of Seera Group.
The Raghadan Tourist Resort project represents the beginning of a new era in Al Baha’s history and will be a major boost for tourism in the region. Al-Fakhri expressed his happiness with the support that the project, located in the famous Raghadan park, has received from His Royal Highness Prince Hussam bin Saud bin Abdulaziz Al Saud, Governor of Al Baha Region, and the Ministry of Municipal, Rural Affairs and Housing, represented by the Al Baha Municipality.
This support reflects the strong integration between government sectors to serve tourism investments in Saudi Arabia and reinforces the cooperation between TDF and Seera Group to transform the Al Baha region into one of the leading tourist destinations in the Kingdom.
Al-Fakhri also expressed his confidence in Seera Group and its capabilities to develop the project – which aims to attract domestic and international tourists – to the highest engineering and environmental standards.
Al Baha’s rich history, cultural heritage, climate, topography and geographic location in the south-west of Saudi Arabia make it an attractive area for tourism and one that will further diversify the country’s offering.
Majed Al Nefaie, CEO of Seera Group, said: "Developing tourist destinations based on unique experiences will be an important priority for the Saudi tourism sector over the coming years. We believe that this project will make Al Baha an attractive destination for holidays, recreational activities, meetings, exhibitions, and conferences. Additionally, we hope it will be a catalyst for further tourism projects and investments in the region that contribute to Saudi Arabia’s economic growth and the creation of more sustainable jobs in the Kingdom.”
Under the partnership, Seera Group will develop a world-class sustainable tourism development stretching across an area of 50,000 square meters that aims to ensure the preservation of the Al Baha region and its social, environmental, and economic sustainability.
The destination will include a luxury hotel resort with 200 guest rooms and family suites, a multi-purpose hall, outdoor spaces and a number of shops, restaurants and cafes. There will also be a children's activity center, theatre, traditional market, and a modern shopping center with international brands. A range of activities such as climbing, hiking, biking and camping will aim to attract nature lovers and adventure seekers alike.
TDF's pivotal role in enabling tourism investment stems from its commitment to developing tourism in regions of the Kingdom that are distinguished by their natural beauty, geographic location and cultural heritage. The support TDF provides is not simply limited to financing, but also includes showcasing opportunities to engage investors, securing land for development and helping forge partnerships with the appropriate authorities.
Seera Group's participation in the project reflects the company's long history of developing pioneering tourism facilities, and highlights the cooperation required between the public and private sectors to implement sustainable tourism projects and spur economic growth in Saudi Arabia.
About Tourism Development Fund
The Tourism Development Fund (TDF) was established in 2019 with a capital of USD 4 billion to drive tourism growth in Saudi Arabia. TDF enables local and international investors looking to benefit from the sector’s high potential by providing viable funding solutions, and leveraging its wide network of partners including government entities, public and private lenders as well as operators and service providers… all deployed to bring investments to life.
Positioned firmly at the heart of Saudi’s tourism ecosystem, TDF is well placed to offer guidance and funding options to SMEs, and tailored investment solutions to qualified investors. The Fund’s vision is to contribute towards achieving the National Tourism Strategy’s objectives by unlocking opportunities in the tourism value chain for private sector investors, while focusing on long-term sustainability.
© Press Release 2021
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