Emaar EC sets up $479mn fund for Rixos Emerald Shores in KSA
Fund will be responsible for the development and operation of five-star resort in King Abdullah Economic City
The Saudi-based Emaar, the Economic City (Emaar EC), has signed a framework cooperation agreement with the Kingdom’s Tourism Development Fund, FTG Development Company, Albilad Investment Company, and Ekofine, to set up a $479 million fund.
Emaar EC is the master developer of the kingdom’s largest privately funded new city, King Abdullah Economic City (KAEC). The fund will be responsible for the development and operation of a five-star comprehensive resort and hotel with a water park and luxry overwater villas under the brand of Rixos, one of the trademarks, one of the trademarks owned by Accor International.
The Rixos Emerald Shores project is set to be one of the largest tourist resorts to be established in KAEC. It will be constructed on a total area of 275,000sqm along the Red Sea coast. It will feature 600 metres of beachfront and a golf course.
The resort is expected to be one of the largest leisure tourism destinations in Saudi Arabia, with a variety of facilities and hotel units. It includes more than 500 rooms and 35 luxury hotel villas built in a ‘distinctive and modern style’.
The property will have various accommodations for accommodation facilities, creating an ‘exceptional environment for tourism, entertainment, comfort, and recreation,’ a statement from Emaar EC said.
Furthermore, the resort will provide an integrated water park, beaches, clubs for children, and gyms. In addition, there will be more than 10 varied options for dining, consisting of international restaurants and cafes, it concluded.
