ASDA signs The Point project contract in Abha for SAR 1B

Prince Turki bin Talal bin Abdulaziz, Governor of Aseer Region and Chairman of Aseer Development Authority (ASDA), attended the signing of the main contractor agreement for the construction of The Point project. The project is managed by ASDA in partnership with the Tourism Development Fund (TDF), Red Sea Markets Company for Real Estate Investment Co., and Banque Saudi Fransi (BSF), at a value exceeding SAR 1 billion.

According to the Saudi Press Agency, the agreement was signed between the Aseer Red Sea Fund (a joint venture between the TDF and Red Sea Markets, managed by Saudi Fransi Capital) and Built Industrial Co., the main contractor. The Point, is set to become a premier destination for shopping, entertainment, hospitality, and tourism in the Asir region, with its opening scheduled for Q4 2027.

The Point will be built on a 75,000-square-meter area along the road connecting Abha and Khamis Mushait, located just seven kilometers away from Abha city center and Abha International Airport.

The project will feature a variety of retail outlets, international and local restaurants and cafes, a cinema, as well as hospitality offerings including Hilton-branded serviced apartments and Canopy by Hilton — marking the brand's debut in the Asir region.

Qusai Al-Fakhri, CEO of TDF, highlighted that the project reflects the fund's commitment to promoting sustainable tourism development and achieving the goals of Saudi Vision 2030. He emphasized the importance of strategic collaboration with the Asir Development Authority, the Investment Committee, and other public and private sector partners to provide diverse financing solutions, supporting key tourism projects like The Point.

Al-Fakhri also noted the fund's dedication to supporting tourism projects in Asir and the southern region more broadly, with more than 15 approved projects totaling nearly SAR 2.6 billion in investments.