Saudi fund inks deal to build $80m tourism project in Taif

Named Taif Front, the 100,000 square metre destination will be located in the heart of Taif in Al Khalidiyyah district and will feature upscale accommodation with more than 150 keys, premium retail and entertainment offerings including F&B outlets.

Designed to reflect Taif’s reputation as one of Saudi Arabia’s leading summer destinations, the project will have significant outdoor space and will combine retail and entertainment to attract both domestic and international tourists, a statement said.

The project will feature shopping centres with a range of large international flagship stores, as well as a boulevard filled with other top brands, the statement added.

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: “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 agreement comes as the TDF continues to deliver on its mandate to transform the kingdom’s tourism sector through the enablement of private sector investments.

Between June 2020 and the end of September 2021, the fund has enabled projects with an investment value of around SR6 billion which will add an estimated 3,500 rooms and 21,000 jobs over the next three years.