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PIF subsidiary prepares Eastern Province project tender

16 July 2025

 

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Saudi Arabia's Al-Uqair Area Development Company (UADC), which is backed by the kingdom's sovereign wealth vehicle, the Public Investment Fund (PIF), is expected to issue a tender in August for infrastructure work on its upcoming mixed-use project.

The project is located in the Al-Uqair area of Al-Ahsa Governorate in the Eastern Province of Saudi Arabia.

The client issued the expression of interest notice to contractors on 9 July, with a bid submission deadline of 13 July.

The package, which is known as Yem Almina, involves the development of infrastructure works on the project.

UAE-based Compass Project Consulting is the project management consultant.

The Al-Uqair project will be developed over an area of about 30 square kilometres. 

The project is divided into three main phases. The first phase will cover the construction of hotels, waterfront chalets, beach houses, residential apartments, food and beverage facilities, heritage assets and associated infrastructure works. It is located about 70 kilometres (km) from Dammam and Hafouf, and about 400km from Riyadh.

UADC was established in 2023 as a fully-owned PIF subsidiary. The company is mandated to revive Al-Uqair as a mixed-use coastal destination. The first port in the Gulf was established in Al-Uqair.

The project is part of Riyadh’s strategy to boost leisure tourism in the kingdom. According to UK data analytics firm GlobalData, leisure tourism in Saudi Arabia has experienced significant growth in recent years. Domestic leisure tourism trips have increased to 33.76 million in 2023 from 16.74 million in 2018. International tourist arrivals for recreational purposes have increased by 600% from 2018 to 2023.

GlobalData also expects the construction industry in Saudi Arabia to grow by 4% in real terms in 2025, before recording an annual average growth of 5.4% in 2026-29.

The commercial construction sector is expected to grow by 3.7% in real terms in 2025 before registering an annual average growth rate of 3.7% in 2026-29, supported by investments in the construction of hotels, data centres and sports stadiums.

READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF

UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge

Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:

> PROJECTS MARKET: GCC projects market collapses
> GULF PROJECTS INDEX: Gulf projects index continues climb
To see previous issues of MEED Business Review, please click here
https://image.digitalinsightresearch.in/uploads/NewsArticle/14274533/main4142.jpg
Yasir Iqbal

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