Riyadh, Saudi Arabia: Tourism Development Fund (TDF) signed an agreement with Knowledge Economic City and Riyad Bank yesterday to co-finance the development of the SAR 1.3 billion ‘KEC Hub’, a 68,000 sqm tourism complex within Knowledge Economic City. Located at the heart of Madinah, only around 6km from the Prophet’s Mosque, the new complex will comprise multiple hospitality and entertainment facilities including a 5-star hotel and a shopping mall, making it the biggest of its kind hub in Madinah.
TDF, the SAR15 billion fund tasked with unlocking opportunities in the tourism value chain, will provide a funding of SAR391 million to the development, while Riyad Bank will provide equal funding as a result of an earlier agreement signed with TDF to facilitate and finance tourism investments in kingdom.
Mr. Qusai Al-Fakhri, Chief Executive Officer of TDF said: “This agreement is one of several successful agreements with local banks aimed at providing investors with attractive financial solutions that encourage investments into this promising sector. It exemplifies our commitment to delivering on the National Tourism Strategy, increasing the GDP contribution of the tourism sector from 3% to 10% by 2030 and creating 1 million new jobs.”
‘KEC Hub’ will strengthen the tourism offering in Madinah, widely recognized as the global hub for Islamic and historical sites. The city ranked 23rd globally in Euromonitor International’s list of top 100 city destinations for 2019.
"The world is increasingly recognizing the hidden gems in the Kingdom. With its rich culture and heritage and the government’s unwavering commitment to boost tourism, Saudi Arabia presents invaluable investment opportunities. Our mission at TDF is to unlock these opportunities by providing viable funding options, investment know-how and access to support services; all to make the investor experience more attractive,” Al-Fakhri concluded.
TDF was established by Royal Decree No. 147 on 26/10/1441 H with general legal, financial and administrative independence. It is organizationally linked to the National Development Fund. It aims to drive tourism growth through encouraging investments across the tourism value chain.
© Press Release 2021
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