Ajdan Real Estate to develop $66.5mn Bayfront on Al-Khobar Corniche
The $66.5mn project will offer a variety of retail, a mix of upper casual and fine-dining restaurants, as well as leisure and recreational features
Saudi-based lifestyle destination developer Ajdan Real Estate Development Company has signed a contract with Al-Muhaidib Group to develop, market, and operate ‘Bayfront’, which will include the Kingdom’s first Blue Flag-certified international standard beach at Al-Khobar Corniche.
In a statement, Ajdan said that Bayfront will be located on the northern part of Al-Khobar Beach. The project will span more than 100,000sqm from the shore and will include a 1,600sqm island.
The US $66.5mn project will offer a variety of retail, upper casual and fine-dining restaurants, as well as leisure and recreational features that are suitable for families and visitors, said Abdul Qadir Al Muhaidib, Senior Portfolio Manager at Al-Muhaidib Group.
In October 2022, HRH Mohammed bin Salman launched the Saudi Downtown Company to develop key areas in 12 cities and, later in the month, TRSDC confirms daa International as operator of Red Sea International airport.
Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development Company added, “Bayfront offers exceptional quality-of-life to transform Al-Khobar into one of the top 100 global cities, which is one of the Saudi Vision 2030’s realisation plans.
“We will follow the Blue Flag requirements to increase the quality of services in the project’s facilities and enhance the region’s beach experience by developing an extraordinary destination to attract visitors to Al-Khobar,” he stated.
The Blue Flag standards include stringent international technical and environmental requirements and conditions compatible with the Kingdom’s principles in supporting the environment’s safety and promoting its recreational and tourism credentials.
Later in October 2022, Alstom said it signed a five-year $53mn O&M contract with Jeddah Airports Company.