Dammam: The Eastern Province Municipality announced today the start of the tendering process for the Al Khobar waterfront PPP development project. The PPP project aims to attract developers to develop, operate and maintain mixed-use commercial real estate on three separate plots of land. The PPP project is intended to be a BOT contract (build - operate - transfer) for a period of 25 years, with a total area of 60,960 m2 located on Al Khobar Corniche.
The Eastern Region Municipality stated that the project will be tendered in two phases: the first phase is to qualify bidders through an Expression of Interest (EoI) then a Request for Qualification (RFQ), and the second phase is where qualified bidders - or developer or developers’ consortium - will compete to develop the project. Plot A (25,980 m2) is intended to be a commercial, entertainment, and food and beverage complex. In addition to the development a luxury shopping complex, fine food and drinks restaurants, and entertainment facilities on plot B (25,980 m2). It is also expected that a luxurious hotel fine dining facilities will be developed on Plot C (9,000 m2). The pieces of land are located in close proximity to the Golden Belt and Green Belt neighborhoods.
Moreover, the Ministry of Municipalities And Rural Affairs (MoMRA) completed all the necessary studies in coordination with the National Center for Privatization and PPP (NCP) which was followed by the approval of the MOMRA Privatization Supervisory Committee to launch the tendering process. This is the second municipal sector initiative launched under the privatization program.
The Municipality indicated that the Ministry of Finance (MOF) will finance part of the project's capital expenditures under the Projects Support Fund program framework, as one of the stimulus initiatives, to support the sustainability and completion of projects - provided that some requirements are met. These facilities are expected to make the project more attractive to the private sector.
The Municipality pointed out that the final date to submit the EOIs will be 28 Rabi Al Alkhar 1442 AH corresponding to 13 December 2020 & prospective bidders can access the EOI document by visiting the Eastern Region Municipality website, the municipal investment portal "Opportunities", or the NCP website.
For more information please contact:
media@ncp.gov.sa
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
