A huge real estate project on Saudi Arabia's Gulf coast should lure some SR60 billion (US$16 billion) in investments over the next 10 years, the developer said Sunday. The Khalid S Shobily Group spent SR7 billion to develop the 6 million square metre strip of coastline in the city of Khobar.
Work commenced four years ago on developing Shobily Port, which covers a prime spot next to a causeway connecting Saudi Arabia to Bahrain. It has been split into sections and sold off in phases, The GDN reported.
Several global companies have already signed deals worth SR4 billion to build shops, high-rise apartments, a medical centre, a university and two hotel resorts.
