Quotes: 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.

 


Arab News




  MENA News Headlines
 Jan 25 2015 - Oman's Suez subsidiary signs USD37m landfill contractMENAFN
(MENAFN) Suez Environment via its local subsidiary Sita Al Basheer has won a contract to design, build and operate the expansion of the landfill site for five years. The total amount of the contract ...

 Jan 25 2015 - Saudi- Kingdoms economy expected to expand 3.22 this yearArab News
(MENAFN - Arab News) DUBAI: Cheap oil will slow growth in most Gulf Arab economies this year but heavy spending by governments and healthy private sector activity will prevent any serious slump a ...

 Jan 25 2015 - Egypt awards USD112.04m contract for rail systemMENAFN
(MENAFN) Egyptian National Railways (ENR) said that it has awarded Alstom a USD112.04 million contract for the supplying of signaling equipment for the Beni Suef-Asyut line in Egypt, as well as its ...

 Jan 25 2015 - UAE's inflation hits 6-year high in DecemberMENAFN
(MENAFN) According to the figures released by the United Arab Emirates National Bureau of Statistics, the increase by more than 5 percent in the housing and utility costs led the UAE's inflation rate ...

 Jan 25 2015 - Dubai's Drake & Scull unit wins USD49m contractMENAFN
(MENAFN) Dubai's Drake & Scull International (DSI) said that one of its subsidies won a USD49 million engineering contract in the emirate, Gulf Business reported.Under the signed contract, the ...

 Jan 25 2015 - Dubai's Deyaar net profit down 43 percent in Q4MENAFN
(MENNAFN) Dubai's Deyaar Development said that it has registered a decline by 43 percent in its net profit during the October-December period of 2014, Gulf Business reported.During the fourth quarter ...

 Jan 25 2015 - Renault's GCC sales up 44 percent in 2014MENAFN
(MENAFN) Renault announced that it has registered a 44 percent increase in its sales within the region during 2014, which led by Dubai resulted in the manufacturer selling 23.626 vehicles, Emirates ...

 Jan 25 2015 - Sharjah firm to build solar power plantMENAFN
(MENAFN) Bee'ah, a Sharjah-based waste management company, announced that it is planning to build a solar power plant in the emirate with a capacity to generate more than 20 megawatts, Emirates 24/7 ...

 Jan 25 2015 - Bahraini JBG invest USD2.44m on expansion in GCCMENAFN
(MENAFN) Bahrain-based Jawad Business Group (JBG) announced that it was planning to expand its business in the UAE and the GCC by opening 10 new stores this year, with an investment of over USD2.44 ...

 Jan 25 2015 - Dubai Arabtec wins USD152m contractsMENAFN
(MENAFN) Dubai's Arabtec Holding announced that it has won two contracts in Abu Dhabi, through its Target Engineering unit, with the contracts having a combined value of USD152.5 million, Emirates ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help