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The Kingdom of Saudi Arabia’s Eastern Province expects to expand its real estate and tourism markets through the Al Marina project, the only comprehensive mixed-use seafront property development in the country’s largest province. While the Eastern Province is known more as the base for state-owned Saudi Aramco and a major source of dates, the Kingdom’s second major product, it hopes to further diversify its industry base through key projects such as the 3.3 million sqm marina being built in its capital of Dammam.
Injaz Development Company, the Riyadh-based master developer and property investment firm overseeing the Al Marina Project, recently signed a SAR multi-million contract with US-based professional, technical and management support services company Aecom to commence infrastructure design works on the seafront development. Upon its completion, Al Marina will be a new destination between Dammam and Khobar that will rival both in its public facilities, which will include a 300,000 square meter lagoon with elaborate fountains, waterfront shopping mall, open air recreational areas and high-rise commercial strips, as well as residential areas developed with the highest planning standards, and providing all the support facilities which include educational, health, fire/police stations, community center and mosques, among others.
“We are adopting high-quality, world-class standards and bringing in key partners such as Aecom to ensure that Al Marina stands out among the Eastern Province’s developments. There is so much room for long-term growth in this area and we believe that this project will help highlight the province’s potential as a property and tourism hub. When the Kingdom’s mortgage law finally pushes through, hopefully this year, then we can expect residential opportunities to surge in this part of the country,” said Omar Al Kadi, President and Managing Director, Injaz Development Company.
Aecom is a Fortune 500 company that provides professional, technical and management support services in more that 100 countries. The company posted revenues of USD 6.1 billion in 2009. Through its expertise across a broad range of markets, including transportation, facilities, environmental, energy, water and government, Aecom will enable Al Marina to meet its design, functionality and sustainability goals.
Founded in 2006, Injaz Development Company specializes in strategic real estate development projects for short- and long-term investment. It is renowned for designing and building projects that form ‘cities within cities,’ in the same mold as its flagship Al Marina development. Injaz’s ‘Total Solution’ approach to real estate investment, development and services includes identification and acquisition of real estate investments, internal and third-party project development, property marketing, and sales support.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
