King Abdullah Economic City (KAEC) has signed an agreement with Vivienda, a Saudi hospitality brand owned by Forus Real Estate Investment and Development Company, to develop a luxury waterfront resort within KAEC.

As part of the agreement, KAEC sold 29,000 square metres of land to Vivienda to construct the new resort comprising 60-key boutique hotel, 20 luxury villas and 24 serviced apartments.

The property - Vivienda's sixth hospitality project - has a 275 metres shoreline.

KAEC, located on Saudi’s Red Sea coast, is a residential, entertainment, and leisure destination with over 40 kilometres of coastline.

In March, Emaar The Economic City (Emaar EC) signed a sales agreement for a prime beachfront land plot in KAEC's Murooj Golf Community District, as an in-kind contribution to Al Bilad Tourism Fund.

The fund has a mandate to develop and operate the 550-key Rixos Emerald Shores resort and exit the project at the planned maturity of 12 years.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)