Emaar EC inks agreement to set up SAR 1.8 bln fund for developing resort project

Company executives at the signing ceremony 

Emaar The Economic City (Emaar EC) signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Co., Albilad Investment Co. and Ekofine Holding BV to establish a SAR 1.8 billion closed and private investment fund.

The fund, which will follow the requirements of the Capital Market Authority (CMA), will be responsible for developing and operating a 5-star resort and hotel with a water park and luxury overwater villas under the Rixos brand, one of the trademarks owned by Accor International, the company said in a bourse statement today, Jan. 17, 2021.

The Rixos Emerald Shores project is one of the largest tourist resorts proposed to be established in King Abdullah Economic City. The resort will be constructed on a total land area of 275,000 square meters, a 600 meter Red Sea beach stretch and golf course.

The resort is expected to be one of the largest leisure and tourism destination in the Kingdom, housing more than 500 rooms and 35 luxury hotel villas with direct views of the Red Sea coast.

The resort also provides an integrated and world-class water park, clubs for children and gyms, in addition to more than 10 varied options of international restaurants and cafes.

The financial impact is expected to be recognized after establishing the fund and signing the relevant agreements, the statement noted.