63 firms expressed interest for AI Khobar waterfront development project

The Eastern Province Municipality, Saudi Arabia announced in a statement, that it has received expression of interest from 63 companies for the AI Khobar waterfront PPP development project.

As per the statement, the companies includes local, region and international.

Earlier, during November 2020, The Eastern Province Municipality invited the companies to submit the expression of interest for AI Khobar waterfront PPP development project. (read more)

The PPP project aims to attract developers to develop, operate and maintain mixed-use commercial real estate on three separate plots of land.

The PPP project is intended to be a BOT contract (build – operate – transfer) for a period of 25 years, with a total area of 60,960 m2 located on AIKhobar Corniche in eastern region of Saudi Arabia.

The value of the project is expected to be SAR 800 million.

The Eastern Region Municipality earlier announced that, it will be tendered the project in two phases: the first phase is to qualify bidders through an Expression of Interest (EOI) then a Request for Qualification (RFQ), and the second phase is where qualified bidders – or developer or developers’ consortium – will compete to develop the project.

Plot A (25,980 m2) is intended to be a commercial, entertainment, and food and beverage complex. In addition to the development a luxury shopping complex, fine food and drinks restaurants, and entertainment facilities on plot B (25,980 m2).

It is also expected that a luxurious hotel fine dining facilities will be developed on Plot C (9,000 m2). The pieces of land are located in close proximity to the Golden Belt and Green Belt neighborhoods.

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