A Saudi company has launched a new project to build a smart city in the Gulf Kingdom’s eastern flank with a value of around 6 billion Saudi riyals ($1.6 billion).
Tilal Real Estates said in a statement during Citiscape show in the Saudi capital Riyadh that multi-purpose ‘Heart of Khobar’ project in the Eastern port of Khobar has an area of around 268,000 square metres and it comprises houses, offices, hotels, parks, roads, malls, cinemas and other entertainemnt facilities.
The statement sent to Zawya Projects on Tuesday said 250 hotel rooms and 3,900 car park spaces would be built in the new city, which comprises 14 sectors covering residence, amusement, parks, business, shopping, offices and other facilities.
The three-phase project is expected to be completed within four years and will contribute to “boosting Khboar’s image as an attractive destination for living and investment,” the Company’s CEO Abdul Rahman Al-Bassam said.
“The Heart of Khobar project is a strategic step towards the future of smart and integrated cities in the Kingdom, as it contributes to achieving an exceptional quality of life for residents and visitors alike,” he added without mentioning the number of planned housng units or the city’s capacity.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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