The Tourism Development Fund (TDF) has announced a strategic partnership with Al Ameen Real Estate, a part of Al Nahla Group, to launch a SR300 million ($80 million) tourism project in Taif region of Saudi Arabia.
Named ‘Taif Front’, the 100,000 sq m destination will be ideally located in the heart of the Saudi city in Al Khalidiyyah district. It will feature upscale accommodation with more than 150 keys, premium retail and entertainment offerings including F&B outlets, and other world-class facilities.
Designed to reflect Taif’s reputation as one of Saudi Arabia’s leading summer destinations, the project will have significant outdoor space for guests to enjoy the region’s attractive weather and outdoor activities, said the statement from TDF.
The destination will combine retail and entertainment to attract both domestic and international tourists.
The project will feature shopping centers with a range of large international flagship stores, as well as a lively boulevard with local and international brand outlets.
The site is also close to attractions such as King Fahad Park, the largest garden in the city of Taif, and Al Hada road, it added.
On the new venture, CEO Qusai Al Fakhri said: “This signature mixed-use destination in Taif reflects our commitment to developing untapped tourism destinations in line with the National Tourism Strategy.”
“With its ideal climate and strong agriculture industry, Taif is in a prime position for development, and we look forward to providing local and international tourists with best-in-class offerings to enhance the region’s tourism offerings,” he noted.
Al Nahla Executive General Manager Sultan Khaled Al Turki said: “We believe in the kingdom’s potential and focus on high-quality real-estate investments in line with our strategic vision.”
“We are pleased to sign this agreement with TDF to develop the mixed-use destination in Taif, a location with significant potential that will benefit both residents and tourists alike,” he added.
Al Ameen Real Estate Investment CEO Engineer Khaled Abdel Ghaffar reinforced the importance of the strategic partnership between TDF and the private sector and expressed his desire to achieve success in developing an attractive tourist destination for the residents and visitors of Taif.
TDF continues to deliver on its mandate to transform the kingdom’s tourism sector through the enablement of private sector investments.
Between June 2020 and the end of September 2021, TDF achieved a number of key milestones to support the growth of tourism in Saudi Arabia.
The Fund has enabled projects with an investment value of around SR6 billion ($1.6 billion), including over SR4 billion in private sector investments, which will add an estimated 3,500 rooms and 21,000 jobs over the next three years.