Shuaa to advise on Dammam park project
Khobar, November 7, 2010
Saudi-based Siyaha International Company said it has signed up Shuaa Capital to help the company redevelop the King Fahd Park which is located along the Dammam-Dhahran Highway.
King Fahd is the largest park in the Kingdom with 1.1 million sq m and tens of thousands of mature trees.
With excellent road access, the park, situated at a mid-point between Dammam, Dhahran and Khobar, was originally designed in the 1980s for the inhabitants and tourists of the Eastern Province.
As the park facilities began to age, the Municipality of the Eastern Region had awarded the Khobar-based Siyaha a long-term lease on the park this year.
The objective of the lease is to regenerate the Park and develop integrated mixed-use real estate components that would serve local residents and tourists, said a company statement.
Abdul Mohsen Rashid Al Rashid, chairman of Siyaha, signed an agreement with Omar Al Jaroudi, CEO of Shuaa Capital Saudi Arabia appointing Shuaa as financial advisors.
As per the agreement, Shuaa will advise on the optimal real estate component mix needed to turn the park into a prime tourism destination in the Eastern Province.
The project is likely to include a resort-type, state-of-the-art hotel and serviced apartment facilities overlooking park greenery, along with outdoor and indoor entertainment amenities, retail and office space, fine dining venues, and a multipurpose banquet hall.
The Park will also feature a large square with the capacity to hold national ceremonies as well as the longest Jogging strip in the Eastern Province.
The duo plan to optimize the Park’s beautiful landscape and revive its water features, including lagoons, fountains and waterfalls.
The Park’s common areas will be reshaped, to offer a friendly venue for pedestrians, joggers and bikers across the Eastern Province, the company statement added.-TradeArabia News Service