DAMMAM: King Fahd Park, the largest park in Saudi Arabia, will be redeveloped to include integrated mixed-use real estate components to attract local and international tourists, as well as serve local residents.The revival of the park, built in the 1980s and which has 1.1 million square meters located in the outskirts of Dammam City, was announced Sunday during a press briefing and a signing ceremony between the developer and the investment company, the two major stakeholders involved in the development of the project. The agreement to implement the project was signed by Abdul Mohsen Rashid Al-Rashid, chairman of Siyaha International Company, and Omar Al-Jaroudi, CEO of SHUAA Capital Saudi Arabia. Siyaha is a Saudi company that specializes in the development of tourism in the Eastern Province, while SHUAA is a joint stock company that promotes investment opportunities.
The signing was witnessed by Daifallah Al-Utaibi, mayor of the Greater Dammam Area.
The revived park will be turned into a prime tourism destination in the Eastern Province. It will include resort-type, state-of-the-art hotels and serviced apartment facilities overlooking greenery, along with outdoor and indoor entertainment amenities, retail and office spaces, fine dining venues, and a multipurpose banquet hall.
The redeveloped park will also feature a large square with the capacity to hold national ceremonies as well as the longest jogging strip in the Eastern Province.
There will also be several sports complexes.
“The park will provide tourists and visitors peace and tranquility in a healthy environment outside of city pollution,” said Al-Rashid.
The investment to undertake the project will involve tens of millions of riyals, according to Al-Jaroudi. “The investments will be huge; the development will be undertaken in phases. The concept of build-operate-transfer (BOT) will be implemented between the developers and the investors,” he said. The project will be started within six months.
“The redevelopment of King Fahd Park will add to the overall tourism development program of the Eastern Province, with the objective of making the region the hub of tourism in the Gulf region,” mayor Al-Utaibi said.