JEDDAH: The Saudi Tourism Development Fund has signed an agreement with real estate developer Ezdihar to finance Jeddah Cove, the company’s landmark seafront project.

The plans for the project, which will create an entertainment hub, include more than 100 shops, restaurants and cafes, a movie theater and a dock for boats. It aims to boost economic growth and the quality of life in line with the aims of the Kingdom’s National Tourism Strategy.

The agreement was signed during the Municipal Investment Forum in Riyadh by the TDF CEO Qusai Al-Fakhri and Ezdihar CEO Abdul Mohsen Al-Hokair.

The deal demonstrates the TDF’s desire to invest in high-quality tourism projects consistent with its objectives, Al-Fakhri said.

Al-Hokair welcomed the agreement and highlighted he significant role of the private sector in efforts to foster economic growth and enhance tourism. He noted that Jeddah is a popular tourist destination not only because of its proximity to the Two Holy Mosques but also because of its beaches and urban attractions.

The TDF promotes projects in 10 key destinations through a package of initiatives and investments designed to stimulate the involvement of the private sector.