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Saudi’s Eastern Province Municipality has signed the first contract with a local company for the development of AlKhobar waterfront project through public-private partnership (PPP) mode, the municipality said in a tweet.
The Municipality had issued Express of Interest (EOI) invite for the waterfront development project in November 2020 with a submission deadline of 13 December 2020, according to a statement posted on National Centre for Privatisation & PPP website.
The project involves development, operation and maintenance of mixed-use commercial real estate on three separate plots of land totalling 60,960 square metres under a 25-year build - operate – transfer contract.
(Writing by D Madhura; Editing by Anoop Menon)
