Saudi beach project to attract $13bn investment
, January 6, 2014
Saudi Arabia’s Aqeer beach project in the Ahsa Province will attract more than SR50 billion ($13.3 billion) in investments over the next 25 years on completion of the infrastructure works, said a report.
About 80 per cent of these investments are expected from Saudi Arabian and other GCC firms, particularly Qatari and Emirati investors, said the Arab News report.
The Aqeer beach was selected for development as a major tourist destination in the kingdom, following a partnership between Al-Ahsa Governorate and the Supreme Commission for Tourism and Antiquities (SCTA), it said.
The development will include a recreational zone with integrated services spread over an area of 570,000 sq m, while the shoreline extends to over 1,000 metres, Abdullah Al-Arfaj, head of construction and projects, was quoted as saying.
The recreational area will include lakes, islands, bridges, water games, besides large trees and shrubs, a mosque, toilets, restaurants and chalets, he said.
The governorate’s Council of Ministers have allocated about SR1.4 billion to meet the basic infrastructure requirements of the project, including power connection, water and sanitary services.
Investment into the project in the later stages of its development is expected to give a significant boost to attract tourists from different parts of the kingdom and neighbouring countries, added Al-Arfaj.