DAMMAM, 21 February 2007 — The almost completed high-rise buildings, the plethora of tower cranes, the fast disappearance of vacant land and the rapidly changing skyline are all live indicators of a throbbing, dynamic and a robust economy. And this has attracted the best from across the world.
“We believe that the Saudi economy is very strong and the policies of Custodian of the Two Holy Mosques King Abdullah Ibn Abdul Aziz are extremely attractive and positive and already bearing fruits,” said Mohammad Saad Degum, DSG general manager — the promoter of SR200-million, 235 luxurious rooms Sofitel Bay View Hotel along the AlKhobar Corniche. He reaffirmed that the current business potential for hotels and real estate was high in the Eastern Province. In his opinion, the slide in the stock market has actually helped diverting funds into the real estate.
Speaking to Arab News, he said “the current policies are very conducive for investment. There is great confidence in the new economic vision and even those who once thought of going abroad for investing are investing locally. We are experiencing a second boom in our economy and we are better prepared this time. We are optimistic and enthusiastic. There is great potential for tourism in the eastern area and we envisage a growing demand for top of the grade hotels.”
Abdul Fattah Al-Mumen, managing principal of AFM consultants, said all efforts have been made to maximize the sea view.