Saudi Arabia’s Avenue Khobar project has received $1.15 billion in funding for the construction of its first phase. The financial agreement aims to finance the construction project whose scope includes a commercial tower and multi-use towers. The fund is being allocated by the Tourism Development Fund with various banking alliances. This includes Arab National Bank and First Saudi Bank. It also includes the National Bank of Kuwait and Riya Bank. The Avenue Khobar project is located northwest of the intersection of King Saud Road and Prince Sultan Road. The project aims to enhance the tourism sector. It also seeks to provide entertainment, leisure, and shopping options in the region.
The Avenues Khobar project’s total value is expected to amount to $ 2 billion covering an area of 170,000 square meters. The scope of the project entails its inclusion of 8 shopping areas, special entertainment spaces, and 10 cinemas. It also includes two towers which will offer parking space for more than 6,000 vehicles and a hotel. The multi-use towers will also include a conference hall as part of its infrastructure and even medical facilities.
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The Avenue Khobar Will Feature a Modern and Unique Design of the Eastern Province.
The Avenue Khobar will feature a modern and unique design that reflects the nature of the Eastern province. It aims to include the best standards that will aim at preserving nature and the environment. The Avenue Khobar project also aims to preserve energy as part of ensuring sustainability. These aims align with the Saudi Vision 2030 goals in which sustainable development projects are part of its core values. The project’s design is inspired by modern architectural concepts and its funding is elemental in initiating its construction. The Tourism Development Fund was established in 2020 with a capital of $ 4 billion to support tourism’s advancement in the Kingdom. The project is expected to open its doors in 2025 according to the project’s timeline.
