Abha Rejuvenation Project, Kingdom of Saudi Arabia
Within the framework of the efforts made by Abha City authorities, and with the encouragement and support of the Prince of Aseer, HRH Prince Khalid Al Faysal bin Abdul Aziz Al Saud, and Chairman of the Investment Council in the region, plans are being finalised to develop Abha City and the surrounding area to make it an important tourist attraction.
A co-operation agreement was signed among an alliance comprising Venture Capital Bank, Al - Tijara Real Estate Company, and Siraj Capital Company and Urban Development Company on the one hand, and the Investment Council in the Aseer region on the other hand. The agreement envisages the alliance conducting a study of the best available options to develop the City of Abha, which is considered one of the most important tourist regions in the Kingdom.
The agreement states setting up a specialised company that will draw up strategies and plans to develop Abha City and promote tourism to the area. The Aseer region has been successful in attracting local and regional tourists, given the mountainous terrain that make its climate temperate and moderate all the year round, in addition to the idyllic scenery and its chequered history that is highlighted by numerous historical landmarks.
As part of this agreement, the companies forming the alliance and Abha City authorities will co-operate to execute pioneering constructional projects by seeking the assistance of a group of local, regional and global consultants of different related specializations. This will serve the efforts being made by the government to make the Kingdom of Saudi Arabia an attractive tourism destination, and to provide additional sources of national income.
Venture Capital Bank has been named the main financial advisor to manage the project. This is testimony to the trust vested by the decision makers in the Gulf strategic alliance in the Bank’s ability to provide financial advisory services to the Abha City Development Project, given the long experience and professional expertise of the Bank’s staff in financial structuring and providing banking solutions, tools and methods, which will ensure success for the project.
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Within the framework of the efforts made by Abha City authorities, and with the encouragement and support of the Prince of Aseer, HRH Prince Khalid Al Faysal bin Abdul Aziz Al Saud, and Chairman of the Investment Council in the region, plans are being finalised to develop Abha City and the surrounding area to make it an important tourist attraction.
A co-operation agreement was signed among an alliance comprising Venture Capital Bank, Al - Tijara Real Estate Company, and Siraj Capital Company and Urban Development Company on the one hand, and the Investment Council in the Aseer region on the other hand. The agreement envisages the alliance conducting a study of the best available options to develop the City of Abha, which is considered one of the most important tourist regions in the Kingdom.
The agreement states setting up a specialised company that will draw up strategies and plans to develop Abha City and promote tourism to the area. The Aseer region has been successful in attracting local and regional tourists, given the mountainous terrain that make its climate temperate and moderate all the year round, in addition to the idyllic scenery and its chequered history that is highlighted by numerous historical landmarks.
As part of this agreement, the companies forming the alliance and Abha City authorities will co-operate to execute pioneering constructional projects by seeking the assistance of a group of local, regional and global consultants of different related specializations. This will serve the efforts being made by the government to make the Kingdom of Saudi Arabia an attractive tourism destination, and to provide additional sources of national income.
Venture Capital Bank has been named the main financial advisor to manage the project. This is testimony to the trust vested by the decision makers in the Gulf strategic alliance in the Bank’s ability to provide financial advisory services to the Abha City Development Project, given the long experience and professional expertise of the Bank’s staff in financial structuring and providing banking solutions, tools and methods, which will ensure success for the project.
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