By Rhys Jones
Saudi Arabia's RIKAZ developer has announced that the 2.5km reclamation project for City Fanar, the Kingdom’s ‘Future City’ destination has been completed two months ahead of schedule.
Saudi Arabia's RIKAZ developer has announced that the 2.5km reclamation project for City Fanar, the Kingdom’s ‘Future City’ destination has been completed two months ahead of schedule. The contract, which was undertaken by Dutch company, Ballast Ham, started in May 2002 and was not expected to be finished until mid-June.
Located on the Al-Khobar-Dammam Corniche, the 3.4 million m2 City Fanar will provide a mixed use environment, offering residential, commercial and leisure facilities, including shopping, entertainment and dining facilities as well as waterfront activities and hotels. Development will now be able to start early thanks to Bellast HAM’s quick work.
“The efficiency that was shown by Ballast HAM represents the commitment of everyone involved in this project,” said Sheikh Khalid Al-Ghatani, president & CEO, RIKAZ developers. “By setting excellent standards, City Fanar will be elevated to the status of a social pillar in the Kingdom, which is owned by the people whose lives it touches.”
“The scope and mix of this project cannot be found anywhere else in Saudi Arabia. With idyllic waterfront estate houses, condominiums and apartments, City Fanar will provide the ultimate in deluxe living. As a national landmark, its legacy will attract people from all over, making it the preferred destination within the surrounding region,” added Al-Ghatani.
The City Fanar project has taken a collective approach in its strategy, using a steering committee made up of consultants, architects, and communication experts.
“City Fanar will be more than simply a location where people live and work. It will be a versatile and dynamic entity, evolving with the culture to which it belongs. Unlike other projects resulting from a frenzy driven real estate market, City Fanar presents investors with a reliable opportunity to take part in a project that will influence the future of the region and bring returns on investment,” said Al-Ghatani.
City Fanar will be placed as the connecting point between the cities of Al-Khobar and Dammam, in Saudi Arabia’s Eastern Province. It is also set to be a prime location for real estate investment due to its location amidst a number of vital facilities and amenities in the area.