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
 Apr 18 2015 - Top Saudi cleric says Yemen operation in line with Shariah rulesThe Peninsula
(MENAFN - The Peninsula) IN their Friday sermons, imams in several mosques across the Kingdom said Saudi Arabia's decision on the military operation in Yemen was timely and historic with Imam and ...

 Apr 18 2015 - Construction of Dubai Metro extension a feat of engineeringThe Peninsula
(MENAFN - The Peninsula) It took more than 1,000 experts to turn the Dubai Metro dream into a reality and build the first driverless rail network in the Middle East.At 75 kilometres, the metro is the ...

 Apr 18 2015 - Saudi Maaden net profit at USD69.57m in Q1MENAFN
(MENAFN) Saudi Mining Co. (Maaden) has reported its first-quarter net profit more than doubled year on year, but the earnings still fell short of analysts' forecasts, Arab News reported.The Gulf's ...

 Apr 18 2015 - Rolls-Royce wins USD9.2b order for Emirates enginesMENAFN
(MENAFN) Rolls-Royce said it had won a USD9.2 billion order to supply engines for 50 A380 aircraft for Dubai's Emirates airline, providing a boost for the British company, Arab News ...

 Apr 18 2015 - Saudi RCJY industrial cities investments hit USD266.55bMENAFN
(MENAFN) The volume of investments injected into Jubail, Yanbu and Ras Al-Khair industrial cities reached USD266.55 billion, president of the Royal Commission for Jubail and Yanbu (RCJY) said, Arab ...

 Apr 18 2015 - Obama to host Gulf leaders on May 13-14The Peninsula
(MENAFN - The Peninsula) US President Barack Obama will welcome the six leaders of the Gulf Cooperation Council states in mid-May for talks on Iran's nuclear programme and the conflicts in Yemen, ...

 Apr 18 2015 - Qatar- Bangladeshis mark Mujibnagar DayThe Peninsula
(MENAFN - The Peninsula) The Embassy of Bangladesh in Qatar and the Bangladeshi community observed Mujibnagar Day today with solemnity. Mujibnagar Day is observed every year in Bangladesh and the ...

 Apr 18 2015 - Syrian doctors ask Russia to help unblock medical aidThe Peninsula
(MENAFN - The Peninsula) Two Syrian doctors urged Russian diplomats at the United Nations on Friday to put pressure on President Bashar al-Assad to allow life-saving medical supplies into a besieged ...

 Apr 18 2015 - Qatar highlights water security challenges at World Water ForumThe Peninsula
(MENAFN - The Peninsula) H E Dr Mohamed bin Saleh Al Sada, the Minister of Energy and Industry, led Qatar's delegation at the Seventh World Water Forum, along with Eng. Essa bin Hilal Al Kuwari, ...

 Apr 18 2015 - Qatar- Gasna competition winners namedThe Peninsula
(MENAFN - The Peninsula) Winners of the Qatar University (QU) Sixth Gasna Competition were announced at a closing ceremony recently.The competition, which is an initiative organised annually by the ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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