Saudi Arabia’s Tourism Development Fund (TDF) has signed a key finance agreement with Shada Real Estate Development and Investment Company to set up a 4-star boutique hotel featuring 110 hotel rooms in Jeddah.
Announcing the strategic partnership at the Future Hospitality Summit (FHIS) in Riyadh, TDF said the hotel will be characterised by a design that is inspired by the local style mixed with architectural touches specific to the Makkah region.
Through this deal, Shada Development and Real Estate Investment aims to revive, preserve and highlight the essence of the cultures of the various regions in the kingdom, especially the architectural cultural heritage of the city of Jeddah.
TDF’s agreement with Shada will contribute to the growth of the kingdom’s economy and achieve the goals set out within the National Tourism Strategy, said a top official.
