Riyadh – Mubasher: Emaar The Economic City has signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Company, Albilad Investment Company, and Ekofine Holding BV to establish a SAR 1.8 billion closed and private investment fund.

The fund aims to develop and operate a five-star comprehensive resort and hotel with a water park and luxury overwater villas under the Rixos brand, according to a bourse disclosure on Sunday.

The 275,000-square-meter Rixos Emerald Shores project is one of the largest tourist resorts targeted to be established in King Abdullah Economic City.

The resort is expected to be one of the largest leisure tourism destinations in Saudi Arabia, characterised by a variety of facilities and hotel units. Moreover, it will include more than 500 rooms and 35 luxury hotel villas with direct views of the Red Sea coast.

In a separate filing, Emaar said its board has accepted the resignation of the company’s CEO, Ahmed Ibrahim Linjawy, effective from 12 April 2021.