Bassam Bawezir

Monday 20 July 2026 12:47 |2 minutes read

A multi-use tourism project in Taif governorate is expected to contribute more than 49 million riyals to the gross domestic product, in addition to providing more than 430 job opportunities, according to what the Tourism Development Fund told Al-Eqtisadiah.

The project, named "Lastoria," with a total value of 95 million riyals, according to the fund, comes within the framework of efforts to support and enable investments in tourist destinations, as the project is expected to be an addition to the governorate.

Taif is one of the largest governorates in the Makkah region and the seventh in Saudi Arabia in terms of area. It represents a local and regional tourist destination due to its moderate climate, and it is also a main station for pilgrims and visitors arriving by land to Makkah from the east.

Fri, 17 2026

The fund explained that the "Lastoria" project contributes to enabling qualitative investments and stimulating private sector participation in developing tourist destinations in Saudi Arabia, thereby contributing to diversifying the experiences offered to visitors, promoting sustainable economic growth, and creating job opportunities.

The multi-use project aims to create an integrated commercial and entertainment destination in Taif on an area of 47,000 square meters, including commercial spaces and various entertainment facilities, in a strategic location on Wadi Waj Road in the Salama neighborhood.

According to the Makkah region emirate website, the population of Taif is 913,000, while its area is about 15,000 square kilometers, and it has 18 affiliated centers.

The Tourism Development Fund has been operating since its establishment in 2020 as a national enabler for tourism investment, leading the development of an integrated system that supports the sector's growth and sustainability. The fund provides financing solutions and integrated non-financing programs to support investors, tourism establishments, and entrepreneurs.

Before the fund, there were 144 qualified projects in the tourism and hospitality sector, with an investment value of 40.2 billion riyals, and 135 projects were approved in the tourism and hospitality sector, with a total investment value of 38.3 billion riyals.

While the approved projects are expected to add more than 11,500 new hotel rooms and apartments in tourist destinations.

The fund has signed more than 130 memoranda of understanding with local and international partners to enhance investment in the tourism sector, and it offers non-financing programs through the Tourism Growth Center, the fund's non-financing enabling arm.

The center offers programs to enable the growth of startups and tourism establishments, including hackathons, bootcamps, incubators, and accelerators, in addition to mentoring and training.