PHOTO
Emaar The Economic City (Emaar EC) has signed a sales agreement for a prime beachfront land plot in King Abdullah Economic City (KAEC), Murooj Golf Community District, as an in-kind contribution to Al Bilad Tourism Fund, the company said in a statement to the Saudi stock exchange.
In return, Emaar EC will acquire units in the closed-ended private real estate investment fund worth 269.2 million Saudi riyals ($71.72 million), representing 41.15 percent of the fund’s equity.
Al Bilad Tourism Fund’s mandate is to develop and operate the 550-key Rixos Emerald Shores resort and exit the project at the planned maturity of 12 years.
In January 2021, EEC signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Company, Albilad Investment Company and Ekofine Holding to establish a 1.8 billion Saudi riyal ($479.53 million) closed and private investment fund.
The proposed fund will develop and operate a five-star comprehensive resort project with more than 500 rooms, a water park and 35 luxury overwater villas under the Rixos brand, the statement said.
The resort will be constructed over a land area of 275,000 square metres with a 600-metre beachfront and view of the golf course located in KAEC.
(Writing by D Madhura; Editing by Anoop Menon)
