DAMMAM, 25 April 2004 — Plans to build a new tourist resort, Durrat Alkhobar — The Jewel of Alkhobar, was announced last week in Riyadh.
The businessmen who met to discuss the marketing strategy and technical aspects said that the planned resort would be the largest in the Gulf.
The resort will be built on 4.1 million square meters and will include a hotel, apartments, a resort, a shopping mall, a marina and a health club.
Another project planned for the same area is a floating mall, the first in the Middle East. According to the Shobily Real Estate Investment Group, the builders of the project, the SR1 billion Shobily Grand Mall will be located on the waters of the Arabian Gulf in front of the King Fahd Causeway, close to Alkhobar. The complex will be surrounded by water on the three sides and the company expects it to be completed within 30 months. The total area will be approximately 331,000 square meters.
According to Shobily, the mall will consist of department stores and show rooms for major local and international companies.
There will also be space for banks, travel and tourism agencies as well as for public and private businesses, restaurants and fast food outlets and amusement parks for children. Shobily said the project was expected to attract major international textile and retail business companies. He said about 20 percent of the shares were floated through public offering in order to give an opportunity to Saudi investors.
In all there were 38,500 shares and 8,000 were floated in public offerings. Shobily said that the issue was over subscribed and that sales, which have now been suspended, generated SR360 million.