STAT is pleased to announce its role advising the Tourism Development Fund صندوق التنمية السياحي (TDF) and Riyad Bank in a Shariah-compliant financing agreement with Dana Bay Tourism Company. This agreement aims to develop a mixed-use beach resort in the Eastern Province, featuring luxurious villas managed by IHG under the InterContinental brand.

The project includes Dana Beach Walk, with retail stores, restaurants, and entertainment venues. Additionally, Discovery Island will be developed to add an artistic dimension, containing a museum, various art galleries and artisanal workshops. The development aligns with Saudi Arabia’s Vision 2030 by enhancing the Kingdom’s tourism infrastructure and offering world-class hospitality experiences.

The team advising on the transaction was led by Partner Faris Al Amoudi and Senior Counsel Richard Blackburn, supported by Senior Associate Omar Alsughaiyer, Associate Naif Alharbi, and Trainee Associates Abdullah Alrabiah, Sultan Albadi, and Zaina M. Khashan.

This achievement reflects STAT’s expertise in advising on complex Islamic financing and high-profile tourism development projects, contributing to the growth of quality investments in Saudi Arabia’s tourism sector.
STAT has a strong track record as sole legal advisor to government funds on projects supporting Saudi Arabia’s economic transformation goals, including (i) Representing the Real Estate Development Fund (REDF) in a Shariah-compliant real estate financing program for KSA finance companies, structuring short- and medium-term facilities to expand private sector contributions to real estate financing, encourage mortgage innovation, and align with Vision 2030 housing objectives. (ii) Representing REDF in setting up Shariah-compliant financing structures to support Saudi citizens in financing homes. (iii) Representing TDF in structuring and drafting a Shariah-compliant financing framework with a major KSA bank to support SME tourism projects. (iv) Representing the Cultural Development Fund in drafting and negotiating a groundbreaking cultural financing program with Alinma Bank, Alrajhi Bank, Arab National Bank, Bank AlJazira, and BSF. This program, based on Shariah-compliant structures, supports cultural enterprises in Saudi Arabia’s 16 cultural sub-sectors with flexible financing packages while minimizing risks for enterprises and banking partners.

This significant achievement further solidifies STAT’s position as a leading firm in structured and Islamic finance assisting major government entities in achieving their KSA Vision 2030 objectives.