Officials at the signing ceremony.

Saudi-based Emaar, the Economic City (Emaar EC) said it has signed a framework co-operation agreement with the kingdom’s Tourism Development Fund, FTG Development Company, Albilad Investment Company and Ekofine for setting up a SR1.8 billion ($479 million) fund.

Emaar EC is the master developer of the kingdom’s largest privately-funded new city, King Abdullah Economic City (KAEC).

The fund will be responsible for the development and operation of 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 to be established within KAEC. It is unique to the kingdom as the resort will be constructed on a total area of 275,000 sq m along the Red Sea beaches with a length of 600 m and on the golf course.

The resort is expected to be one of the largest leisure tourism destinations in the kingdom, as it will feature 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.

The project offers various options for accommodation facilities and also incorporated an integrated and world-class water park, beaches, clubs for children and gyms, in addition to more than 10 international restaurants and cafes.