Bahrain-based investment group Inovest, which holds a major stake in First Gulf Real Estate Company (FGREC), received approval for the revised master plan of the Ajwan Resort. The resort, previously known as Dannat Resort, is in Half Moon Bay, Eastern Province, Saudi Arabia. It covers a vast area of 1 million square metres and boasts around 1.25 km of open waterfront.
REVISED MASTERPLAN HIGHLIGHTS
The updated masterplan, created in collaboration with Saudi property developer Sumou Holding, features many key elements that will improve the resort's offerings:
- Optimised land use for residential zones
- Sea-facing luxury villas and townhouses with dedicated beach access
- Increased green zones and well-distributed landscaped recreational areas
- Centralized retail with indoor and outdoor outlets
- Improved access for smoother traffic movement
- Expanded resort size to integrate additional amenities and services, creating a holiday destination
MAJOR MILESTONE FOR AJWAN RESORT
Inovest CEO Yasser AlJar praised FGREC for achieving approval of the revised master plan. He views this as a significant milestone in the resort's redevelopment. The project's goal is to create a mixed-use development with distinct residential, commercial, and leisure components. All these elements will stand in a harmonious layout.
A CATALYST FOR TOURISM AND LEISURE GROWTH
FGREC Chairman Abdulaziz Al Dukahil stated that they revised the master plan after holding extensive meetings with strategic partner Sumou Holding. They expect these changes to improve the project's viability and appeal. This will help position Ajwan Resort as a benchmark for seafront family living. But it will also help increase the already booming growth of tourism and leisure in Saudi Arabia.
INOVEST'S PRESENCE AND EXPERTISE
Inovest is listed on both Bahrain Bourse and Boursa Kuwait. It serves as the parent company for Al Khaleej Development Company (Tameer), Bahrain Investment Wharf (BIW), and Tamcon Contracting Company. Their extensive experience and presence in the real estate sector contribute to the successful development of projects, such as Ajwan Resort.
The approval of the revised master plan for Ajwan Resort is a significant step in its redevelopment. The resort aims to provide a diverse range of residential, commercial, and leisure offerings. Its goal is to become a prominent destination for seafront living and contribute to the growth of tourism and leisure in the region. Inovest and FGREC's collaboration with Sumou Holding plays a crucial role in ensuring the project's success. This collaboration appeals to both local and international investors who are seeking exceptional real estate opportunities in Saudi Arabia.