Saudi Downtown Company, owned by the Public Investment Fund, launched its Khobar Downtown project on Sunday, a waterfront district in Al Khobar covering more than 829,000 square meters with more than 4,000 residential units and over 500 hotel rooms, the Saudi Press Agency reported.
Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Province, sponsored the launch on November 1. It was attended by Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province, and Ibrahim Mohammed Al Sultan, chairman of Saudi Downtown Company.
Fahad Al Hammad, the company’s chief executive, said the project will also include more than 40,000 square meters of office space and more than 139,000 square meters of shopping, restaurant and cafe space. More than 103,000 square meters are set aside for green space and public parks.
Al Hammad said the project would support tourism, hospitality and retail and create direct and indirect jobs in the Eastern Province. The announcement did not give an investment value or a completion date.
Saudi Downtown Company had earlier announced a partnership with Cenomi Centers to develop the project’s mall and boulevard, which will be Cenomi Centers’ largest in the Eastern Province with about 110,000 square meters of leasable space, Al Eqtisadiah newspaper reported.
The company was set up by the Public Investment Fund in 2022 to develop mixed-use urban centers and destinations in cities across Saudi Arabia.
