Tourism Development Fund (TDF) has signed a financing agreement with Rimal AlKhobar Real Estate Company Ltd., co-owned by Retal Urban Development Co. and Assayel Arabia, to develop the first Nobu complex in the Eastern Province.

The USD 63.5 million project will feature a five-star hotel with over 100 rooms and suites, 62 residential units, a luxury Nobu restaurant, pools, a health center, gym and meeting and event venues.

Wahdan Al Kadi, chief business officer of TDF, said: “The Saudi tourism sector is undergoing a major development drive and we are committed to enabling private sector investors’ participation and providing them with the necessary support to develop quality tourism projects across the country. The project’s ideal location and unique offerings ensure that it meets the evolving needs of the Saudi market. The Nobu project reflects investors’ confidence in the Kingdom and signals strong support for tourism development projects. Agreements like this are testament to the crucial role that TDF plays in advancing the Kingdom’s economic diversification.”

Abdullah bin Faisal Al Braikan of Rimal AlKhobar Real Estate Company, said: “We are honored to announce our partnership with the Tourism Development Fund. This cooperation will enable us to take advantage of promising investment opportunities, beginning with the new Nobu complex. The project will provide exciting activities for Al Khobar’s visitors and offer unique and innovative experiences within the Kingdom’s luxury hospitality sector.”