Local real estate developer Rikazon 19 May announced the appointment of Lebanon's PolyStar to manage its estimated $200 million mixed-use City Fanar complex located between Al-Khobar and Dammam. Under the deal, PolyStar - a privately-owned joint stock property developer and manager - will provide project management services and design and construction supervision on phase 1 of the project's infrastructure works.
The appointment came a week after Ballast Ham Dredgingof the Netherlands completed its land reclamation contract almost two months ahead of schedule. City Fanar, or Lighthouse City, is set to cover a built-up area of 3.4 million square metres on a manmade lagoon covering an area of 300,000 square metres.
The development will comprise several 16-storey, mixed-use towers and single-storey residential buildings with a wide range of commercial and entertainment facilities, a 115,000-square-metre shopping mall and hotels. About 200,000 square metres of the complex area will be set aside for gardens (MEED 19:3:04).
You might also like...
TotalEnergies to acquire remaining 50% SapuraOMV stake
26 April 2024
Hyundai E&C breaks ground on Jafurah gas project
26 April 2024
Abu Dhabi signs air taxi deals
26 April 2024
Spanish developer to invest in Saudi housing
26 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
