Friday, 23 April, 2021 - 10:00
Prince Faisal bin Salman reviews the models of the mega projects expected in Madinah. (Asharq Al-Awsat) Riyadh - Asharq Al-Awsat
The Governor of the Madinah region, Prince Faisal bin Salman bin Abdulaziz, inaugurated a number of projects in the Knowledge Economic City (KEC) and witnessed the signing of a number of contracts and agreements for the development of commercial, residential, tourism and entertainment projects.
The contracts included a tripartite agreement between the Saudi Tourism Development Fund (TDF), Riyadh Bank and the KEC to finance Phase 1 of the project, which will be implemented with the support of the Madinah Region Development Authority.
RIYADH: Knowledge Economic City has agreed to borrow SR782 million ($209 million) from the Saudi Tourism Development Fund and Riyadh Bank for the development of the Knowledge City Hub project in Madinah. The financing, which covers 79 percent of the project development cost, will be repaid over 13 years with collateral in the form of plots of land from the company’s land
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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.”