Saudi Arabia’s Tourism Development Fund (TDF) today announced a strategic partnership with Al-Ameen Real Estate, part of Al Nahla Group, to launch a SAR 300 million ($79 million) tourism project in Taif region.
Named ‘Taif Front’, the 100,000 square meter destination will be ideally located in the heart of Taif 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, the Fund said in a statement.
The project will feature shopping centers with a range of large international flagship stores, as well as a 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, the statement added.
“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. The destination will combine retail and entertainment to attract both domestic and international tourists,” the statement said.
Qusai Al-Fakhri, CEO of TDF, 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.”
Sultan Khaled Al-Turki, Executive General Manager of Al-Nahla Group, said: “At Al Nahla Group, 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.”
The Fund has enabled projects with an investment value of around SAR 6 billion ($1.6 billion), including over SAR 4 billion ($1.06 billion) in private sector investments, which will add an estimated 3,500 rooms and 21,000 jobs over the next three years.