TDF signs SAR 4.35B agreement to finance The Avenues Khobar

TDF signs finance agreement with ANB-led consortium

The Tourism Development Fund (TDF) signed a finance agreement at a total of SAR 4.35 billion with a consortium of banks led by Arab National Bank (ANB). The consortium includes Saudi Awwal Bank (SAB), Riyad Bank, Kuwait’s NBK and Shomoul Holding Co.

TDF will use the loan to finance the first phase of The Avenues – Khobar project, which comprises a mall and a mixed-use tower, the fund said on the social media platform X.

The Avenues – Khobar project is located in the northwest corner of the intersection of King Saud Road with Prince Sultan Road in the center of Khobar. It is one of the leading projects in the Eastern Province, which will change the concept of shopping and entertainment, and bolster tourism in the region.

On Dec. 20, Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Province, broke ground of The Avenues - Khobar project, implemented by Shomoul Holding. The project, which costs more than SAR 7.2 billion, is expected to be opened in H1 2027.