Emaar Economic City has signed a framework cooperation agreement with the Tourism Development Fund, “FTG Development Company”, Albilad Investment Company and “Ekofine Holding BV” to start the procedures for establishing a 1.8 billion riyals closed and private investment fund in accordance with the requirements of the Capital Market Authority. The fund will be responsible to develop and operate a five-star comprehensive resort and hotel with a water park and luxury overwater villas under the brand of Rixos, one of the trademarks owned by Accor International. The (Rixos Emerald Shores) project is one of the largest tourist resorts targeted to be established in King Abdullah Economic City and is unique in the Kingdom of Saudi Arabia as it is planned that the resort will be constructed on a land of a total area of 275 thousand square meters and a charming view of the Red Sea beaches with a length of 600 Meters and on the golf course located in King Abdullah Economic City. The resort is expected to be one of the largest leisure tourism destinations in the Kingdom, as it is characterized by a variety of facilities and hotel units, and includes more than 500 rooms and 35 luxury hotel villas with direct views of the Red Sea coast with a distinctive and modern style. The project has various options for accommodation facilities, which creates an exceptional environment for tourism, entertainment, comfort and recreation. The resort also provides an integrated and world-class water park, beaches, clubs for children and gyms, in addition to more than 10 varied options of international restaurants and cafes, which in turn will provide a unique experience for its visitors. The financial impact is expected to be recognized after the establishment of the Fund and the signature of the relevant agreements.