Riyadh - Mubasher: Saudi Tourism Development Fund (TDF) has inked a financing agreement with Nama Alamal to develop a five-star hotel managed by IHG Group.

To be established under the Intercontinental brand, the scheme includes 163 hotel units comprising 120 rooms and 43 villas, according to the Saudi Press Agency (SPA).

The project will span 18,000 square metres in the Asir region’s Al Fara’a.

Meanwhile, the partnership will boost the quality of life in Abha and expand the number of tourists.

It is worth noting that the deal was signed on the slides of the Asir Investment Forum, which was held during 2-3 December 2022.

Last June, TDF partnered with Melia Hotels International for a tourism project with a value exceeding SAR 1 billion, equivalent to $266.50 million.

The collaboration aimed to create new tourism concepts in the Kingdom by launching new projects on leisure, food and beverages, as well as entertainment in Riyadh, Jeddah, and the Eastern Province.