The Tourism Development Fund plans to establish a closed-end private real estate investment fund worth 1.8 billion riyals in accordance with the requirements of the Capital Market Authority; to develop and operate a five-star all-inclusive resort and hotel featuring a water park and overwater villas under the Rixos brand, which is owned by Accor.

This came about through the Fund signing a partnership and cooperation agreement with Emaar Economic City, as the owner of the project land located in King Abdullah Economic City, and FTG Development as the project developer, and Al-Bilad Financial as the fund manager, in the presence of the Director of the Tourism and Quality of Life Sector at the Ministry of Investment

The resort is expected to be one of the largest leisure tourism destinations in the Kingdom, featuring a variety of facilities and hotel units, including more than 500 rooms and 35 luxury hotel villas with direct views of the Red Sea coast, designed in a distinctive and modern style. Therefore, the project offers a variety of accommodation options that provide an exceptional environment for tourism, leisure, comfort, and relaxation, along with more than 10 diverse international restaurants and cafes that will, in turn, offer a unique experience to their visitors.