Real estate developer Rikaz has called for investors – both Saudi and non-Saudi – to back its amibitious City Fanar project that is entering its second phase of development.

Announcing the second phase, president and CEO of Rikaz, Sheikh Khalid Al Ghatani said that the entire project would be be complete in 15-20 years time and would cost close to $900 million.
Sheikh Khalid said that the $200 million phase 1 of the project that involved the setting up of basic infrastructure as well as the reclamation works was near complete. A few of the residential units within the futuristic city would be ready for occupation in three years time, he said.
Located on the Al Khobar-Dammam corniche, the 3.3 million sq m City Fanar will provide a mixed use environment, offering world-class residential, commercial and leisure facilities, including an unmatched blend of entertainment, dining, shopping, marina and hotels.
The master plan positions the tallest buildings and recreation facilities along the lagoon waterfront, with a gradual reduction in building density further inland. This will vary from 16 storey mixed-use high-rises to single- storey residential buildings. And over 200,000 sq m of lush greenery- 50 per cent will be set aside for private residential gardens, he said.
Also included in the master plan is the eastern province’s first and the longest pedestrain walkway that will connect the piazza to the city’s 115,000 sq m main mall.