MANAMA, 21 May 2004 — Leading Saudi Arabian property development company Rikaz has appointed property development and management company, PolyStar Incorporated, to manage its flagship City Fanar project - a unique waterfront “Future City” destination, built around a 300,000 sq. meter manmade lagoon in Alkhobar.
PolyStar will take responsibility for management, services, design and construction coordination during the project’s first phase.
“We are delighted to have PolyStar on board for the development and management of the City Fanar Project,” said Khalid Al-Gahtani, president and CEO, Rikaz developers. “Unlike other projects, resulting from a frenzy-driven real estate market, City Fanar presents investors with a reliable opportunity to take part in a project that will influence the future of the region and bring good returns on investment,” he said.
“PolyStar’s has a reputation for successfully managing large scale projects and we look forward to a long and successful partnership together,” Al-Gahtani concluded.
PolyStar, which has over 25 years of combined experience in the sector through the merger of complimentary partnerships, currently manages over $3 billion worth of construction in Kuwait, Saudi Arabia and Lebanon.
“PolyStar is committed to developing strategies for managing risks and selecting the appropriate method of financing to ensure the maximum return on investment for City Fanar,” said Imad Abulaban, CEO and president, PolyStar Incorporated.
“We bring with us our experience of managing complex projects, including the ability to control budgets, schedules, design and construction,” he said.
Located on the Alkhobar-Dammam Corniche, the 3.4 million sq. meter City Fanar will provide a multi-purpose environment, offering world-class residential, commercial and leisure facilities, including shopping, entertainment, dining, waterfront activities and hotels.
An important part of the plan is the Eastern Province’s first pedestrian walkway that will connect City Fanar’s piazza, situated in the heart of the commercial area, to the 115,000 sq. meter main mall.
Established in 1997, Rikaz is the one of the Kingdom’s leading developers of urban and industrial projects.
