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Saudi developer Ajdan Real Estate Development Company announced on Monday that it has signed a contract with Al-Muhaidib Group to develop, market, and operate the 250 million Saudi riyal ($66.5 million) Bayfront commercial project at Al-Khobar Corniche on the east coast.
Bayfront will be located on the northern part of Al-Khobar's beach, spanning over 100,000 square metres (sqm) from the shore and a 1,600-sqm island, the developer said in a press statement.
The project will include the Kingdom's first Blue Flag-certified international standard beach, the stamen said.
Abdul Qadir Al Muhaidib, Senior Portfolio Manager at Al-Muhaidib Group said the project would offer a variety of retail, a mix of upper casual and fine-dining restaurants as well as leisure and recreational features.
Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development Company, said the project will contribute to the Saudi Vision 2030 plan to transform Al-Khobar into one of the top 100 global cities.
(Writing by SA Kader; Editing by Anoop Menon)
