Saudi developer established with $719.9m capital
Al-Oqair Development Company to undertake work on tourism project
Saudi investors have signed a contract to establish a new development company which aims to build a 15km seafront project in Al-Oqair on the country’s eastern Gulf coast, Saudi Gazette reports.
Al-Oqair Development Company will have a capital of $719.9m (SAR 2.7bn) and will focus its efforts on transforming a 100km² area in Saudi Arabia’s Eastern Province into a leading tourism destination.
The project has already attracted major investment from a variety of parties, including $373.2m (SAR 1.4bn) from the country’s Council of Ministers - $266.6m of which was appropriated for the delivery of electricity and $106.6m (SAR 400m) for the provision of water and sanitation.
Several government organisations and agencies, including the ministries of water and electricity, municipal and rural affairs, and commerce and industry, as well as SCTA, and several Saudi private investors are also set to contribute to the project.
Total public investments in the seafront tourism project are expected to exceed $9.1bn (SAR 34bn) over the course of its completion.
Al-Oqair Beach is planned to be ready to receive a large number of tourists by 2016 after completion of the infrastructure and development projects.
On the occasion of the inauguration of the project, Saudi Minister of Commerce and Industry Dr Tawfig Fawzan Alrabiah said that the project will be a significant addition to the Saudi economy as it develops the country’s tourism sector.
He added that it will provide entrepreneurs with more opportunities, creates thousands of new jobs for the nationals, contribute to diversifying sources of national income and become a powerful tributary to the sustainable growth of the Saudi economy.
Alrabiah also commended the efforts of the Saudi Tourism and Antiquities Commission to make Al-Oqair project a success, and for their support and investment in the local tourism sector.
Prince Sultan Bin Salman, Chairman of the Saudi Commission for Tourism and Antiquities (SCTA), and Prince Saud Bin Naif, Emir of the Eastern Province, were among those who attended the signing ceremony held at Al-Bandariya Palace.