A large urban project located on the west of Dammam city in the Eastern Province of Saudi Arabia, between the city and King Fahd International Airport. Originally part of the airport's vast land area, the project's land along with other nearby projects' were sold to investors by Prince Sultan when it was concluded that airport area was too large occupying unnecessary land thus limiting urban expansion for the growing Dammam city.
Contents
Overview
The total area for the project is 10,220,000 m² split into two parts north and south of King Fahad Road, served by its newly constructed exit bridge that also connects the two parts. The project is comprehensive that includes and provides wide range of services including:
The total number of shares issued for this investment was 16,892 with initial value of SR 27,500 per share each with an area of 605 m².
Trouble
After work started in 2002, it was stopped in 2005 due to objections from the Saudi Arabian Oil Company (Saudi Aramco) as part of a common issue best known as 'Aramco Reservations'. Now after 5 years of idle situation the project is still frozen as many other nearby projects. A committee was formed by the order of King Abdullah bin Abdul Aziz in order to solve the case of frozen urban projects and is yet to make any decisions about it.