Preliminary work is under way on two major real estate projects being developed by Rikaz for Development and Planning (Rikaz) in the Eastern Province of Saudi Arabia.

They are the Royal Amwaj Resort – a ground-breaking, mixed-use development on a waterfront site to the south of the city of Al Khobar – and Rikaz’s flagship project, the City Fanar – an ambitious 3.3 million sq m waterfront project which was launched early last year.
Infrastructure works including asphalting of roads to the site and the plots, drainage and sewerage networks and a desalination plant are under construction and tendering for basic structures including an administration block is under way, according to Sheikh Khalid Al Gahtani, president and CEO of Rikaz.
Tenders for the main construction package for the Royal Amwaj, which is estimated to be worth SR260 million ($70 million), is expected to be announced by early 2006, he adds.

Royal Amwaj Resort
The SR621.2 million Royal Amwaj Resort will occupy a prime 1 million sq m site at Half Moon Bay and boast 5,854 m of waterfront overlooking the pristine Arabian Gulf waters.
The scheme will comprise a new residential gated community of high-quality villas, townhouses, a boutique hotel and other amenities on the waterfront with three man-made bays that will provide direct sea access to each villa.
The tongue-shaped bays enfold a total sea area of 394,000 sq m and provide 3.25 km sea-side boardwalk allowing pedestrian access from one side of the resort to the other.
The development will include 314 high-quality villas – of six distinctive types offering 14 different designs and sizes – as well as 44 townhouses overlooking an extensive landscaped park. A highlight of the development will be a five-star hotel with bungalow-type accommodation overlooking a 160 m ‘infinity’ pool.
The resort will also feature three mosques located in secluded areas with easy pedestrian access from every part of the resort.
Other ancillary facilities and amenities include administration, workshop and staff accommodation buildings, a mini-market, a water tank, a water treatment plant, sporting facilities and a gas station.
Landscaped and green areas account for over two-third of the net land area, according to Sheikh Khalid.
In a first for the region, Rikaz is funding this development through a three-year, close-ended investment fund regulated by the Bahrain Monetary Agency (BMA). It is the first Saudi-riyal-denominated, regulated real estate development fund for investment in the Saudi Arabian real estate market.
The SR465.9 million fund is initially targeting investors from Saudi Arabia and the Gulf region but is open to international investors looking for exposure to the kingdom’s emerging real estate market. 

City Fanar
Meanwhile, initial construction work is in progress on the $200 million City Fanar, being developed along the Al Khobar-Dammam Corniche, around a 300,000 sq m man-made lagoon that stretches into the Arabian Gulf.
Dredging and reclamation work on the project was completed in April last year.
Described as the city of the future, the mixed-use development will offer world-class residential, commercial and leisure facilities over an area of 400,000 sq m, of which 90,000 sq m overlooks the sea.
Strategically placed as the hub between Al Khobar and Dammam, the city will have easy access to Dammam, Al Khobar, Jubail, the King Fahad International Airport, Dammam Port, and the Dammam Re-export Free Zone, making it a prime location for real estate investment, according to Rikaz. It will also be linked to the new university campus of King Faisal University by two entrances from the southern side.
Fanar is the Arabic word for ‘lighthouse’ and the new city aims to be just that – a beacon of direction, security and hope – in its features and services, according to Sheikh Khalid. “With idyllic waterfront estate houses, condominiums and apartments, City Fanar will provide the ultimate in deluxe living,” he says.
The lagoon will serve as a centre for a lifestyle in line with Saudi traditions and values. Some 35,000 sq m of land, overlooking the lagoon, has been reserved for tourism projects. The orientation, height and density of the surrounding buildings will allow for panoramic views of the lagoon, set against vistas of the Arabian Gulf. The masterplan positions the tallest buildings and recreation facilities along the lagoon waterfront, with a gradual reduction in building density further inland.
These will vary from 16-storey mixed-use high-rises to single-storey residential buildings. The development will comprise 1,791 residential plots (ground-plus-one-storey), 377 commercial plots, 363 mixed use and 35 land parcels for support services
The commercial centre has been masterplanned in such a way as to facilitate the use of advanced technology in its office complexes, service centres and world-class shopping malls.
The city’s vibrancy will be enhanced by a marina, hotels, parks and open spaces, while the pedestrian walkway will connect the piazza – a 20 sq m architectural marvel situated in the heart of the commercial area – to the city’s 115,000 sq m main mall, one of the largest in the Eastern Province. The walkway will also act as a main artery, facilitating movement throughout the city, and will be linked to other walkways in the Corniche. This 15,000 sq m area will be reserved for exhibition areas, shops, restaurants and recreation.
The first major component to be launched last year was the main mall, which will occupy a prime location within city on the Khobar-Dammam Coastal Road and Qashlah Street.
The residential area has a carefully-deliberated community-centred design aimed at creating a sense of space for residents, with the lagoon at its heart. Specialised urban planning will minimise automobile use and encourage pedestrian mobility, making the residential area a safe, intimate environment for families.
With more than 200,000 sq m of lush greenery – 50 per cent of which will be set aside for private residential gardens – City Fanar’s traditionally-designed residential area will present a hospitable and delightful environment, Shaikh Khalid adds.
City Fanar also includes a community centre, which will maximise the social communication and recreation of the resident families. Basic infrastructure facilities such as schools, mosques, clinics and neighbourhood parks will be interspersed throughout the development.

Rikaz
Established in 1997, Rikaz is part of the HAK Group, a leading Saudi Arabian industrial, transport, shipping and real estate company. The company has earned a niche in real estate development, construction and marketing through handling some of the biggest property development projects in Saudi Arabia including new waterside residential communities at Tala Beach and Al Rehab; three state-of-the-art residential towers in Makkah with a full range of supporting amenities; and the massive Sairafi Mall, a major retail and leisure destination.
“Rikaz is a company that strives to combine a modern real estate vision with the security of regulated investments and broader investor participation and projects like City Fanar, and the Royal Amwaj Resort represent a new stage in the evolution of a maturing Saudi real estate industry. Rikaz is committed to acting as the foremost exponent of change in the Saudi Arabian marketplace, leading the campaign for higher architectural and building standards, the regulation of real estate finance and the creation of environmentally sensitive, socially-inclusive urban communities.”  Sheikh Khalid says.
“We strive to reintroduce a human scale into our developments and, by blending the best elements and principles of traditional Arabic-Islamic architecture into modern urban design, we will deliver sustainable, high-quality developments for the future. We are setting new benchmarks for quality in residential building through the application of rigorous standards and a meticulous attention to detail. We ensure purity in our building design by capturing the essence of Islamic design and local vernacular architecture. We have designed our properties with high technology services, including wireless broadband access and power management systems in order to deliver urban lifestyle solutions that meet the needs of the new generation.
“Of our own volition, we are introducing strict new building standards that far exceed the statutory minimum, as well as being the leading exponents of transparency and regulation in real estate funding, working to introduce internationally recognised standards into this emerging sector of the market. With the launch of the Royal Amwaj Real Estate Development Fund, we are the first Saudi Arabian company to offer real estate investment opportunities to an international market, and it is my heartfelt intention to make Rikaz the partner of choice in the Gulf region for investment in major development projects,” he concludes.