Bahrain-based investment group Inovest has announced that the Eastern Province Municipality has approved the revised masterplan for the Ajwan Resort in Saudi Arabia, featuring residential, commercial and leisure elements.
Inovest is a major stakeholder in the project developer First Gulf Real Estate Company (FGREC), possessing 37.6% shares in the group.
Previously known as the Dannat Resort, Ajwan is located in Half Moon Bay in the kingdom's Eastern Province, spanning over a 1 million sq m area with approximately 1.25 km of open waterfront.
Inovest pointed out that the revised master plan comes following extensive consultations with Saudi property developer Sumou Holding, which is handling the resort’s development in partnership with FGREC.
The key elements of the revised masterplan includes:
*Optimisation of land use for residential zones to better fit the area
*Sea-facing luxury villas and townhouses with dedicated beach access
*Increase in green zones and well distributed landscaped recreational areas
*Centralised retail with indoor and outdoor outlets
*Improved access to allow for fluidity in traffic movement in and around the area and also
*Increase in the size of the resort to allow integrating additional amenities and service offerings for creating a holiday destination
Lauding FGREC for getting the revised masterplan approved, Inovest CEO Yasser AlJar said it was a major milestone in the redevelopment of Ajwan Resort.
"It is designed to be a mixed-use project with unique and diversified residential, commercial and leisure elements set within a harmonious layout," he noted.
FGREC Chairman Abdulaziz Al Dukahil said: "The decision to revise the masterplan came as a result of a series of lengthy meetings with our strategic partners Sumou Holding. The master plan revisions will add to the viability and appeal of the project and make it a catalyst for the growth of tourism and leisure in the region."
"These new variations will enable Ajwan to establish itself as a benchmark for seafront family living; beyond residential and commercial development. It will also be a catalyst for growth of tourism and leisure in the region," he added.
Inovest is listed on both Bahrain Bourse and Boursa Kuwait, and is the parent company for Al Khaleej Development Company (Tameer), Bahrain Investment Wharf (BIW) and Tamcon Contracting Company.
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