Signed by the Tourism Development Fund has signed a financing agreement with Azhar Real Estate Development Company to establish the “Jeddah Cove” project, a distinctive tourism and entertainment landmark on Jeddah Waterfront.
The project will feature more than 100 brands and a one-of-a-kind fountain designed by international firms, in addition to distinctive entertainment attractions, a movie theater, and a variety of restaurants. The project covers an area of more than 137,000 square meters, of which 70,000 square meters are leasable, which will in turn provide the highest quality of life and introduce a new concept of tourism and entertainment in the Kingdom.
The announcement of the agreement coincided with the convening of Municipal Investment Forum (Fursat) held in Riyadh, where the agreement was signed by the Fund’s CEO, Qusai bin Abdullah Al-Fakhri, and the CEO of Azhar Real Estate Development Company, Abdulmohsen bin Fawaz Al-Hakeer.
The project, which represents a new destination in the “Bride of the Red Sea,” aims to support hospitality and entertainment services in the Kingdom through the establishment of restaurants, cafes, entertainment venues, and retail stores; thereby contributing to economic growth, creating job opportunities for young people, and improving quality of life in line with the National Tourism Strategy.
“Jeddah Cove” will introduce a new and inspiring concept for tourism and entertainment, featuring designated walking areas, overlooking the waterfront, restaurants with "panoramic" views, indoor entertainment facilities, luxury retail outlets, and a boat dock.
The CEO of the Tourism Development Fund Qusai bin Abdullah Al-Fakhri, explained that the agreement signed with Azhar Real Estate Development, a leading company in the implementation of tourism projects, is an extension of the Tourism Development Fund’s commitment to investing in high-quality tourism projects, as the (Jeddah Cove) embodies a contemporary vision aligned with our goals of launching new tourism projects and products that enhance the sector’s future and growth, through infrastructure development and the enhancement of tourist attractions to provide optimal experiences for visitors.
For his part, Abdulmohsen bin Fawaz Al-Hokair, CEO of Azhar Real Estate Development, welcomed the signing of the financing agreement with the Tourism Development Fund, emphasizing the important role played by the private sector in driving economic development through the implementation of inspiring tourism projects that enrich the tourist experience and strengthen the future of tourism in the Kingdom, noting that the city of Jeddah is the most popular tourist attraction as the gateway to the Two Holy Mosques, in addition to the charm of its beaches, the richness of its architectural landmarks, and its excellence in urban development; all of which make it a destination for tourists from all over the world.
It is worth noting that the Tourism Development Fund works to promote and support investments and projects in the ten targeted tourist destinations through a package of programs and financing solutions designed to stimulate the private sector, which contributes to the future prosperity of tourism in the Kingdom.
