A real estate project on Saudi Arabia's Gulf coast should attract around SR60 billion ($16 billion) in investments over the next 10 years, according to its developer the Khalid S Shobily Group, which has spent SR7 billion to develop the 6 million sq m strip of coastline in Al Khobar.
“We aim to create a commercial, housing and leisure hub that's on par with the best in the world,” Khalid Al Shobily, the firm's chairman and founder, said.
Work began four years ago on developing Al Shobily Port, which covers a prime spot next to the causeway connecting Saudi Arabia to Bahrain. It has been split into sections and sold off in phases.
Several global companies have already signed deals worth SR4 billion to build shops, high-rise apartments, a medical centre, a university and two hotel resorts.
Shobily was that pleased the Saudi government was gradually introducing new regulations to encourage more international firms to relocate to the kingdom. He also said huge demands were being placed on the real estate and construction sector.
“I estimate around 1.5 million new homes need to be built over the coming years to accommodate the kingdom's fast-growing population,” he said.
The firm is also working on a 1.8 million sq m real estate project in Makkah.