Tourism Development Fund partners with AlNahla Group to unlock Taif Tourism

Saudi Arabia, January, 24, 2022 – Tourism Development Fund (TDF) today announced a strategic partnership with Al-Ameen, the real estate arm of Al Nahla Group, to launch a SAR 300 million tourism project in Taif, Saudi Arabia.

Named ‘Taif Front’, the 100,000 square meter destination will be ideally located at the heart of Taif. It will feature upscale accommodation with 150 keys, premium retail and entertainment offerings including F&B outlets, and other world-class facilities.

Designed to reflect Taif’s reputation as one of Saudi Arabia’s leading summer destinations, the project will have significant outdoor space for guests to enjoy the region’s attractive weather and outdoor activities. The project will be the First of a kind ”Retailtainment” that will combine retail and entertainment offering a unique travel experience for both domestic and international tourists . The project will feature shopping centers with a range of large international flagship stores, as well as a lively boulevard with local and international brand outlets. The site is also close to attractions such as King Fahad Park, the largest garden in the city of Taif.

Qusai Al-Fakhri, CEO of TDF, said: “This signature mixed-use destination in Taif reflects our commitment to developing untapped tourism destinations in line with the National Tourism Strategy. With its ideal climate and strong agriculture industry, Taif is in a prime position for development, and we look forward to providing local and international tourists with best-in-class offerings to enhance the region’s tourism offerings.”

Sultan AlTurki, Cluster CEO of Al Nahla Group, said: “At Al Nahla Group, we believe in the Kingdom’s potential and focus on high-quality real-estate investments in line with our strategic vision. We are pleased to sign this agreement with TDF to develop the mixed-use destination in Taif, a location with significant potential that will benefit both residents and tourists alike.” With ‘Taif Front’, TDF continues to deliver on its mandate to transform the Kingdom’s tourism sector through enablement of private sector investments. The Fund provides support to SMEs and large institutions alike, ranging from planning to providing support from various tourism-related government agencies. It offers a variety of tailored solutions that suit the needs of investors, including direct financing, bank guarantees, and co-financing with banks.