Saudi real estate group Adel has announced the launch of a new seaside residential project being developed at Dammam in the Eastern Province at a total investment of SAR98 billion ($26 billion) in partnership with Alinma company, an investment arm of the Saudi Alinma Bank.

Spanning over 32 million sq m, the project ‘New Dammam’ boasts eight residential neighbourhoods comprising 15,791 housing plots, 5,210 investment and 1,389 commercial plots in addition to 322 waterfront palaces as well as 49 parks.

The other key highlights are 5 million sq m of waterways, marine canals that enhance the urban and tourism character of the development, and extensive green spaces exceeding 500,000 sq m.

The project was officially unveiled by Saud bin Nayef bin Abdulaziz, the Eastern Province Governor, in the presence of senior officials of Adel real estate company and Alinma.

“It is a modern city rising with a national spirit and global features,” remarked Saud bin Nayef.

“The scale of the newly launched project by Adel is a testament to the surging investment climate in Saudi Arabia,” he added.

Dubbing it as an integrated urban city on the waterfront, Alinma’s CEO Mazen Baghdadi said it redefined the lifestyle by blending housing, business and entertainment in a smart and sustainable environment, with advanced infrastructure, green spaces and a vibrant water canal.

“The project directly overlooks the waterfront and is situated at the crossroads of major highways and roads in the city,” he stated.

The project will create over 80,000 jobs and attract more than 180,000 residents when it is completed, he added.