Meed | Authority approves Saudi beach resort masterplan

Authority approves Saudi beach resort masterplan

19 May 2023

Saudi Arabia’s Eastern Province Municipality has given its final approval for a revised masterplan for Ajwan Resort.

Previously known as Dannat Resort, Ajwan Resort is located in Half Moon Bay in the Eastern Province.

The proposed development covers an area of 1 square kilometre of land located along a 1.25-kilometre-long stretch of waterfront.

The residential buildings include sea-facing luxury villas as well as townhouses with dedicated beach access. There is also a retail centre with indoor and outdoor outlets.

Ajwan Resort is owned by Saudi-based First Gulf Real Estate Company (FGREC), which is 37.6 per cent owned by Inovest. Inovest is listed on both the Bahrain Bourse and Boursa Kuwait.

The development of Ajwan Resort is being handled by Sumou Holding, which is listed on the Saudi Stock Exchange (Tadawul), and FGREC.

According to regional projects tracker MEED Projects, the estimated $660m Dannat Resort was put on hold in 2012. Before being put on hold, the project was being developed by Al-Khaleej Development Company (Tameer) and Al-Ruwad Real Estate. The consultant was Spain’s HCP Architecture & Engineering.

MEED's latest special report on Saudi Arabia includes:

> GIGAPROJECTS: Saudi Arabia under project pressure
> ECONOMY: Riyadh steps up the Vision 2030 tempo
> CONSTRUCTION: Saudi construction project ramp-up accelerates
> UPSTREAM: Aramco slated to escalate upstream spending
> DOWNSTREAM: Petchems ambitions define Saudi downstream
> POWER: Saudi Arabia reinvigorates power sector
> WATER: Saudi water begins next growth phase
> BANKING: Saudi banks bid to keep ahead of the pack
> DATABANK: Riyadh holds its buoyant economic heading