Khobar, Saudi Arabia; June 18, 2008: His Royal Highness Prince Mohammed Bin Fahad Bin AbdulAziz Al Saud, Governor of Eastern Province, recently broke ground on Al Khobar Lakes, a multibillion dollar master-planned community developed by Emaar Middle East. HRH Prince Mohammed toured the project site and expressed confidence that the project will contribute to the socio-economic growth of the region.
HRH Prince Mohammed was welcomed by the company Board Members, Eng. Alaa Abdullah Saed, Chief Executive Officer, Emaar Middle East, and senior managers of the company. Senior government officials and other dignitaries attended the high-profile event that marks the construction of the largest gated community in Eastern Province.
Mr Saed said: “Led by the visionary leadership of The Custodian of the Two Holy Mosques King Abdullah Bin AbdulAziz AlSaud, Saudi Arabia has made rapid strides in overall economic growth and is now one of the most competitive economies in the world. The Kingdom offers a strong platform for investments in property and other high-growth sectors. Emaar Middle East is thankful to His Royal Highness Prince Mohammed Bin Fahad Bin AbdulAziz Al Saud for breaking ground on this prestigious development that will usher in a new lifestyle to the Eastern Province.”
He added: “Al Khobar Lakes is the first lakefront gated community and the largest in the region, and will contribute to the socio-economic prosperity by creating new job opportunities for the local population. The various components of the project will also support local industries and the service sector in general.”
Al Khobar Lakes is a 4.3 million sq m development and features 80,000 sq m of serene water bodies. The first phase of the project has a development value of SR4.6 billion (US$1.2 billion) and has over 2,000 private villas in a series of nine villages with retail and leisure amenities. Spread over 2.6 million sq m, the first phase will have 11 mosques including a Grand Mosque for Friday Prayers, educational complexes, a shopping centre, community centre, coffee shops & restaurants, healthcare facilities and other amenities.
Eng Saed said: “Al Khobar Lakes has received overwhelming response from private home buyers and investors around Saudi Arabia. The launch of the first residential village in the first phase was a sell-out success, and we have launched the second village - Al Ghadeer - ahead of schedule. Al Ghadeer is located on the north-east side of the project with an area of 231,891 sq m and will feature 226 residential units in sizes ranging from 407 to 617 sq m.”
He added: “Al Khobar Lakes is a path-breaking development initiative for the real estate sector of the Kingdom, and its unique location makes it a connecting point to the major cities in the Eastern Province. The success of the project is God’s will and we thank all our stakeholders for their support and trust in us.”
