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Riyadh, Saudi Arabia
Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, yesterday sponsored the launch of the Downtown Al-Khobar project, a subsidiary of Downtown Saudi Arabia, one of the public investment fund companies, within the urban development and urban development system, as it aims to develop an integrated urban destination that combines housing, work, shopping and entertainment on the waterfront in Al-Khobar governorate, according to the Saudi Press Agency (SPA).
The Governor of the Eastern Province explained that the development and investment projects in the region come as an extension of the wise leadership's interest in comprehensive development, the development of cities, and the diversification of the economy, which contributes to benefiting from the potential of the region and supports the development process in it, pointing to the importance of supporting the local economy and developing investment opportunities, in line with the aspirations of the region and its population.
The area of the "Downtown Al-Khobar" project exceeds 829 thousand square meters on the waterfront and includes more than 4 thousand housing units
The CEO of Downtown Saudi Arabia, Eng. Fahad Al-Hammad, pointed out that the Downtown Al-Khobar project is located on an area of more than 829 thousand square meters on the waterfront, and includes more than 4 thousand residential units, more than 500 hotel rooms, more than 40 thousand square meters of office space, and more than 139 thousand square meters of shopping, restaurants and cafes, in addition to more than 103 thousand square meters of green spaces and public gardens.
He said that the project provides opportunities for growth and partnerships, supports the tourism, hospitality and retail sectors, and provides direct and indirect job opportunities, which enhances sustainable economic development in the Eastern Province. The project represents an important step to provide an integrated urban environment that reflects the identity of the news and keeps pace with its future aspirations. The project is a vibrant urban heart, pointing out that the projects of Downtown Saudi Arabia come as an extension of the efforts of the Public Investment Fund in the development of various regions of the Kingdom, by taking advantage of the elements and competitive advantages of each of them, and turning them into investment opportunities that enhance their economic attractiveness.
It is noteworthy that the Governor of the Eastern Province honored, at the end of the ceremony, the supporting bodies, in the presence of Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province, and the Chairman of the Board of Directors of "Downtown Saudi Arabia" Eng. Ibrahim Mohammed Al-Sultan.
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