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Saudi Arabia’s Tourism Development Fund (TDF) has signed an agreement with Dana Bay Tourism Company to invest in a closed real estate fund worth 644 million Saudi riyals ($171.43 million), the state-owned Saudi Press Agency reported.
The agreement, signed at the Future Investment Initiative in Riyadh, aims to develop a mixed-use beach resort project in Dana Bay in the Eastern Province, comprising luxury villas managed by global hotel operator IHG; ‘Dana Beach Walk,’ comprising retail stores, restaurants and entertainment venues and ‘Discovery Island,’ which will house a museum, various art galleries, and artisanal workshops.
The SPA statement said Dana Beach resort will stretch along a 14-kilometre beach, enhancing the region’s development in line with the Kingdom’s Vision 2030
Dana Bay, located in Al Khobar, is spread over an area of 2.8 million square metres, and includes tourist attractions such as a water park.
(Writing by D Madhura; Editing by Anoop Menon)
