Saudi Tourism Development Fund signs $93.3mln contract to build forest resort in Al-Baha

The Raghadan Resort is considered the first pioneering tourism project in the Al-Baha region

  
Saudi men attend the launch of the new Saudi tourist visa at the historic city of Diriyah, a UNESCO World Heritage Site, in Riyadh, Saudi Arabia, September 27, 2019. Image used for illustrative purpose.

Saudi men attend the launch of the new Saudi tourist visa at the historic city of Diriyah, a UNESCO World Heritage Site, in Riyadh, Saudi Arabia, September 27, 2019. Image used for illustrative purpose.

REUTERS/Ahmed Yosri
 
RIYADH: The Saudi Tourism Development Fund and Seera Group signed on Monday an investment contract of more than SR350 million ($93.3 million), for the construction and operation of Raghadan Tourist Resort, on an area of more than 50,000 sqm, Al Eqtisadiah reported.

The Raghadan Resort is considered the first pioneering tourism project in the Al-Baha region, the fund said in a Tweet.

Al-Baha region Mayor, Ali bin Muhammad Al-Swat said the contract was concluded according to the “land - opportunity - loan” model for a period of 50 years, with investment returns that exceeded SR181 million

The project consists of a hotel, a tourist center as well as a popular market to display the products of the Al-Baha, multiple halls for conferences and events, and a business center, Al-Swat said.

Implementation and operation will start in about a year and a half, he added.

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