Saudi Arabia’s Tourism Development Fund (TDF) will jointly finance a 1.3 billion Saudi riyals ($346 million) project in Madinah aimed at capitalising the tourism potential of the holy city.
The fund signed an agreement on Thursday with Knowledge Economic City and Riyad Bank to finance the development of "KEC Hub", a 68,000 square metre tourism complex in Madinah.
“This agreement is one of several successful agreements with local banks aimed at providing investors with attractive financial solutions that encourage investments into this promising sector,” Qusai Al Fakhri, chief executive of TDF said in a statement.
“It exemplifies our commitment to delivering on the National Tourism Strategy, increasing the GDP contribution of the tourism sector from 3 per cent to 10 per cent by 2030 and creating one million new jobs.”
The project, formerly known as Madinah Downtown, is based on King Abdulaziz Road about 6 kilometres from the Prophet’s Mosque. It will contain a shopping mall, a five-star hotel, an interactive museum about Madinah, a cinema, health club and a commercial boulevard overlooking a garden and green spaces, developer KEC said in a statement to the Tadawul stock exchange, where its shares trade.
In a series of other statements, it said it had agreed a deal with Hilton Worldwide to manage the hotel, with engineering consultancy Ehaf to act as structural engineer and Al-Saad Contracting Company to build it. The first phase of the project will be completed by 2024, KEC said.
As part of the deal, TDF will provide funding of 391m riyals to the development, while Riyad Bank will provide equal funding as a result of an earlier agreement signed with TDF to facilitate and finance tourism investments in the kingdom.
“With its rich culture and heritage and the government’s unwavering commitment to boost tourism, Saudi Arabia presents invaluable investment opportunities,” Mr Al Fakhri, said.
“Our mission at TDF is to unlock these opportunities by providing viable funding options, investment know-how and access to support services; all to make the investor experience more attractive.”
Saudi Arabia, the world's biggest oil exporter, is rapidly transforming its economy as it looks to reduce its dependence on oil, nurture domestic industries, boost jobs and diversify revenue.
It is developing a number of projects, including Neom – a $500bn futuristic city comprising a nature reserve, coral reefs and heritage sites on about 50 islands off the Red Sea – and a mega entertainment and sports project, named Qiddiya, in the capital.
The TDF was set up last year with an initial investment of $4bn to drive the growth of the tourism sector in the kingdom. It also signed an agreement with Riyad Bank and Banque Saudi Fransi, to finance tourism projects worth up to 160bn riyals in the country.
KEC also said on Thursday that Riyad Capital is providing an additional 97m riyals of funding to the Madinah Gate project – a scheme being built on land next to the Haramain High Speed Rail terminal. It will also have a mall, restaurants and entertainment space as well as a four-star hotel and hotel apartments.
Killing of Qassem Suleimani
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Killing of Qassem Suleimani
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The five pillars of Islam
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Sunday's Super Four matches
Dubai, 3.30pm
India v Pakistan
Abu Dhabi, 3.30pm
Bangladesh v Afghanistan
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
More on Quran memorisation:
Mohammed bin Zayed Majlis
Mrs%20Chatterjee%20Vs%20Norway
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
UAE currency: the story behind the money in your pockets
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
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- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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Price: From Dh650,000
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
KILLING OF QASSEM SULEIMANI
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Racecard
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
The National selections
6.30pm: Chaddad
7.05pm: Down On Da Bayou
7.40pm: Mass Media
8.15pm: Rafal
8.50pm: Yulong Warrior
9.25pm: Chiefdom
