Saudi Arabia: The Eastern Province municipality has attracted 63 local, regional and international firms to develop the first project under the “Opportunity, land and loan” initiative at Alkhobar corniche.

A municipality spokesman, Muhammad Al-Sufyan, said the initiative comes in cooperation with the Finance Ministry and the National Center for Privatization at a cost of SR800 million to develop 65,000 sq. meters.

He said the project aims to revitalize and diversify the Kingdom’s economy by promoting tourism, entertainment and other related commercial activities. Al-Sufyan said it will also create job opportunities for young Saudi men and women and improve the quality of life in the Eastern
Province and help boost Alkhobar’s chances to become one of the 100 best cities to live in.

The project is part of the several public-private initiatives currently underway in different parts of the Kingdom and in different sectors.

He said the companies involved possess huge experience in developing such projects.

The spokesman said it also shows the importance of Saudi Arabia as a rising hub for future investments.

Al-Sufyan said a special committee has been formed to look into the applications and will select the most capable firm to handle the key development project, which aims to serve the key goals of the Saudi Vision 2030.