Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - Aqeer project to attract SR50bn investments  Join our daily free Newsletter

MENAFN - Arab News - 06/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Aqeer beach project, located in Ahsa Province, is expected to attract SR50 billion in investments over the next 25 years once the infrastructure works are completed.


Local media quoting businessmen said 80 percent of the investments were expected to come from Saudi and other GCC firms, particularly Qatari and the Emirati investors.


Aqeer beach was selected for development as a major tourist destination in the Kingdom, following a strategic partnership between Al-Ahsa Governorate and the Supreme Commission for Tourism and Antiquities (SCTA), Al-Hayat daily quoted experts as saying.


Al-Ahsa Governorate embarked on mega developmental projects in this regard, including a recreational zone with integrated services spread over an area of 570,000 square meters while the shoreline extends over 1,000 meters, said Abdullah Al-Arfaj, head of construction and projects.


The recreational area will include lakes, islands, bridges, water games extending over an area of 30,000 square meters in addition to landscaped land covering 120,000 square meters. The area will also include large trees and shrubs, a mosque, toilets, restaurants and chalets, he said.


Earlier, the Council of Ministers agreed to allocate about SR1.4 billion to meet the basic infrastructure requirements of the project, of which SR1 billion will be utilized for power connection and the remaining SR400 million for water and sanitary services.


The infrastructure works in Aqeer were taken up following the establishment of Aqeer Development Company with a capital outlay of SR2.7 billion last September. The infrastructure projects will give a big boost to the development of Aqeer, which is being jointly worked out by the SCTA and Al-Ahsa Governorate, Al-Arfaj said.


Entry of investors in the project in later stages of development is expected to give a significant boost to attract tourists from different parts of the Kingdom and neighboring countries, he said.


Businessman Ibrahim Al-Dosari believes that the project will turn out to be the biggest investment of its kind in the region due to its proximity to Gulf ports and with Al-Ahsa being one of the biggest agricultural oasis in the world.


Economist and businessman Walid Al-Kathir said all the targets of the project can be achieved if implementation is dealt with seriously. It has the potential to become the leading tourist destination in the Kingdom, he added.

 






  MENA News Headlines
 Jul 28 2014 - Muslims mark sombre Eid in bloodied GazaAFP
(MENAFN - AFP) The end of a month of fasting was supposed to be a time to celebrate for Abeer Shamali. But instead, she spent the Muslim Eid feast at the grave of her teenage son. Fellow mourners ...

 Jul 28 2014 - Radiant During RamadanMuscat Daily
(MENAFN - Muscat Daily) Keep your skin and hair glowing and shiny even as you're fasting in this holy month. Some tips... Moisturise Your skin too gets dehydrated when you fast. It is ...

 Jul 28 2014 - Cream of the CropMuscat Daily
(MENAFN - Muscat Daily) Mahmood Said Humaid al Shibli glances at the wall clock. It's 11am with change, and only two hours to ''go to plate''.  There's crepes to layer, oranges to slice and ...

 Jul 28 2014 - Coaches satisfied with Mansoor's performance at youth sailing worldsMuscat Daily
(MENAFN - Muscat Daily) Despite young Mansoor al Mahrooqi's last-place finish in a field of 57 sailors in the Laser Radial class at the ISAF Youth Sailing World Championship held recently, Oman ...

 Jul 28 2014 - ORT set for Belgian challengeMuscat Daily
(MENAFN - Muscat Daily) Oman Racing Team (ORT), led by Muscat-based racer Ahmad al Harthy, has managed just 12 points over the past three rounds of the 2014 Blancpain Endurance Series. Despite ...

 Jul 28 2014 - Alizz islamic bank reports RO2.6mn lossMuscat Daily
(MENAFN - Muscat Daily) Alizz islamic bank has reported a loss of RO2.6mn for the period ended June 30, 2014 which the bank said, in a disclosure to the Muscat Securities Market, "is in line ...

 Jul 28 2014 - Duqm Airport takes offMuscat Daily
(MENAFN - Muscat Daily) The newly opened Duqm Airport received its first Oman Air flight ahead of schedule on Wednesday with officials saying that the facility will serve as an air transport and ...

 Jul 28 2014 - All you want to know about Oman - on a busMuscat Daily
(MENAFN - Muscat Daily) Highlighting the leadership of His Majesty Sultan Qaboos bin Said, the National Centre for Statistics and Information (NCSI) has launched a new initiative that will see public ...

 Jul 28 2014 - MoHC invites bid for construction of $250mn Oman Cultural ComplexMuscat Daily
(MENAFN - Muscat Daily) After announcing the appointment of the UK-based international consultancy and construction company, Mace as project manager for the Oman Cultural Complex (OCC), the Ministry ...

 Jul 28 2014 - Vale Volunteers host event for Al Noor AssociationMuscat Daily
(MENAFN - Muscat Daily) Under the auspices of the Wali of Liwa, H E Dr Sheikh Said bin Humaid al Harthy, Vale Volunteers recently hosted a special iftar in honour of the Al Noor Association for the ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help