Rikaz announces $200 million real estate scheme

19 March 2004
Local real estate developer Rikazon 16 March unveiled plans for a $200 million mixed-use complex to be located between Al-Khobar and Dammam.

The project, called City Fanar or Lighthouse City, is set to cover a built-up area of 3.3 million square metres on a manmade lagoon covering an area of 300,000 square metres. City Fanar will comprise several 16-storey, mixed-use towers and single-storey residential buildings combined 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.

The team of consultants and architects working with Rikaz on the scheme includes the local NG Architecture & Planning, Lebanese legal firm Alem & Associates and Bahrain's Vahid Associates, a branding and communication firm. Rikaz, a subsidiary of the local Hassan AK Algahtani Sons Company (HAK Group), is also promoting a mixed-use twin towers project in Jeddah, being developed by the local Salah Serafi Corporation(MEED 17:10:03).

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