Tilal Real Estates has launched a new project to build a smart city in the Gulf Kingdom’s eastern flank with a value of around 6 billion Saudi riyals ($1.6 billion).
The Saudi-based firm spoke about the project in a statement during Citiscape show in the Saudi capital, Riyadh.
It revealed that the multi-purpose ‘Heart of Khobar’ project in the Eastern port of Khobar has an area of around 268,000 square metres and it comprises houses, offices, hotels, parks, roads, malls, cinemas and other entertainemnt facilities.
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The statement which Tilal shared with news agencies said 250 hotel rooms and 3,900 car park spaces would be built in the new city. It will also comprise 14 sectors covering residence, amusement, parks, business, shopping, offices and other facilities.
The three-phase project is expected to be completed within four years and will contribute to “boosting Khboar’s image as an attractive destination for living and investment,” Tilal’s CEO Abdul Rahman Al-Bassam said.
“The Heart of Khobar project is a strategic step towards the future of smart and integrated cities in the Kingdom, as it contributes to achieving an exceptional quality of life for residents and visitors alike,” he added without mentioning the number of planned housng units or the city’s capacity.
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