Saudi Arabia’s Eastern Province Municipality has granted its final approval to a revised Ajwan Resort masterplan, a statement issued by Bahrain-based investment company INOVEST said.

INOVEST holds a 37.6 percent stake in Saudi-based First Gulf Real Estate Company (FGREC), which owns Ajwan Resort.

Previously known as Dannat Resort, Ajwan Resort, located in Half Moon Bay in the Eastern Province, spans an area of 1 million square metres with approximately 1.25 kilometres of open waterfront.

INOVEST said the revised master plan with residential, commercial and leisure elements followed extensive consultations with Saudi property developer Sumou Holding, which is handling the resort’s development in partnership with FGREC.

Key elements of the revised masterplan, according to the statement, 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. 
  • Increase in the size of the resort to allow integrating additional amenities and service offerings for creating a holiday destination

CEO of INOVEST Yasser AlJar said the approval for the revised master plan is a major milestone in the redevelopment of Ajwan Resort 

Abdulaziz Al Dukahil, Chairman of FGREC said 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.

INOVEST is listed on both Bahrain Bourse and Boursa Kuwait, and is the ultimate parent company for Al Khaleej Development Company (Tameer), Bahrain Investment Wharf (BIW) and Tamcon Contracting Co.

(Writing by SA Kader; Edited by Anoop Menon)  (anoop.menon@lseg.com)