A new Nobu mixed-use development comprising hotel, restaurant and residential accommodation will open by 2024 in Al Khobar, in Saudi Arabia’s Eastern Province.

The newly announced project will be the second in the kingdom, after Nobu Hotel which opened in Riyadh earlier this year.

Nobu was founded by Nobu Matsuhisa, Robert De Niro and Meir Teper, with the first restaurant opening in New York in 1994, and is now present in 42 cities globally.

The project in Saudi Arabia is to be developed by Al Khobar Sands Real Estate Co. Ltd, jointly owned by Retal Urban Development Company, a subsidiary of the Al Fozan Group and Assayel Arabia, a subsidiary of Ali Zaid Al Quraishi and Brothers Company (AZAQ). Nobu Hotel, Restaurant and Residences Al Khobar, featuring 120 rooms as well as residences, will be located in the city’s waterfront.

Eng Abdullah Bin Faisal Al-Braikan, CEO of Retal Urban Development Company, said, “We are proud to partner with key international players like Nobu to contribute to Saudi Arabia’s thriving real estate scene."

“Partnering with leading industry names enables us to live up to our promise of offering a premium portfolio of diversified real estate assets that meet the aspirations of the next generation of Saudis.

“We are pleased to see international investors increasingly realising the exceptional growth opportunities that Vision 2030 continue to create in the local market.”

Princess Dr Nouf bint Mohammed bin Fahad Al Saud said: “The Nobu Hotel, Restaurant and Residences Al Khobar project aligns perfectly with our development plan that Saudi Nobu is enacting for Saudi Arabia in alignment with the Saudi Vision 2030.  Nobu is renowned throughout Saudi Arabia, and we are planning further developments within the region.”

The latest opening will bring the number of GCC outlets to four, following branches in Dubai, Doha and Riyadh. 

(Writing by Imogen Lillywhite; editing by Seban Scaria)

Imogen.lillywhite@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. 

© ZAWYA 2021