Emaar EC to open Rixos Emerald Shores project in 2023

Emaar EC to open Rixos Emerald Shores project in 2023
Emaar EC to open Rixos Emerald Shores project in 2023

Thank you for reading the news about Emaar EC to open Rixos Emerald Shores project in 2023 and now with the details

Jeddah - Yasmine El Tohamy - Emaar The Economic City Co. (Emaar EC) has already started the planning and design work for the Rixos Emerald Shores project in addition to the development phase, Ibrahim Binaquil, senior director, head of marketing & strategic partnerships- commercial developments, said.

He pointed out that the target date for operation is Q2 2023.

The capital of the investment fund that the company signed an agreement to establish will be a mixture between the pooled capital and loans from local banks, the official added in an interview with Al Arabiya TV.

He also indicated that the targeted capital that will be collected through Emaar, FTG Development and other investors that will be invited by Albilad Capital, the fund manager, is SR500 million ($133.33 million), with the rest to be financing from commercial banks.

There will be direct support from the Tourism Development Fund, Binaquil said, stressing the city’s ability to attract local or foreign investments.

He also indicated that the added value of the project for the shareholders is to enhance the city’s position as a tourist and entertainment destination on the Red Sea coast, in addition to raising the real estate value of the city’s land stock, which will positively affect the shareholder and investor. The project will also be the strategic starting point for the company to launch the city’s waterfront.

Earlier this week, Emaar EC signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Co., Albilad Investment Co. and Ekofine Holding BV to establish a SAR 1.8 billion closed and private investment fund, according to data compiled by Argaam.

These were the details of the news Emaar EC to open Rixos Emerald Shores project in 2023 for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Sustainable beauty: Capturing a rising demand for conscious living