The Tourism Development Fund (TDF) signed a cooperation agreement with Abdullah Al Othaim Investment Co. to develop several tourism projects in Saudi Arabia, with the aim of strengthening the infrastructure in tourist destinations and rendering the kingdom a model for a modern tourist pattern. This came in line with the Kingdom’s national tourism strategy, which aims to increase the number of tourist visits to about 100 million by 2030.
The cooperation agreement features the development of investment projects in various regions across the Kingdom, the most prominent of which is Konoz, spanning an area of 114,000 square meters; Al Othaim Park in Dammam; and Khobar Maritime Front in Al Khobar, in addition to plans to develop projects in Hail, Madina, and Asir and other multi-purpose projects in hospitality, entertainment, and adventure.
Under the cooperation agreement, both parties will explore the available development opportunities, study the related requirements, the impact on target destinations, and the level of market supply and demand. They will also agree on concluding partnerships with investors and finding the appropriate land plots for the projects.
The cooperation agreement comes within the framework of Al-Othaim Investment vision and strategy as regards implementing full-fledged projects in the field of shopping malls, tourism and leisure to enhance the private sector's contribution to support recreational and tourism activities, support quality of life program and improve the environment needed to provide more vibrant options that promote positive lifestyle.
Al-Othaim Investment currently owns 12 commercial complex in addition to future projects to reach 30 complexes by acquiring a number of important sites in a number of cities in the Kingdom, including Riyadh, Medina, Quriyat, Abha, Jubail, Kharj and Taif, as part of achieving the company's expansion strategy and promoting its growth targets in the business sectors, including commercial complexes, hotels, real estate investment, entertainment, cinema, fashion, restaurants and others.