Al-Oula launches residential tower and hotel project

The Al-Oula Real Estate Development Company, one of the largest real estate developers in the Kingdom, has enhanced its project portfolio of luxurious hotels and residential and hotel apartments with the launch of the Wajihat Wajdn Albahriya project in Alkhobar.
The announcement came on the sidelines of its participation in the Restatex Riyadh Exhibition 2016, where it exhibits the latest luxurious projects that are added to the Al-Oula portfolio from residential, hotel and commercial plans.
The ajdan project covers an estimated area of ​​40,000 sqm. It includes two luxurious residential towers adjacent directly to the Gulf on an area of ​​14,000 sqm; they are characterized by their location on the Alkhobar Corniche. Each tower consists of 40 floors containing 180 housing units.
The project includes a five-star hotel on an area of 6,800 sqm containing 275 rooms. The project includes a commercial village containing a unique group of restaurants and entertainment centers on an area of 17,000 sqm and comprising 13 commercial buildings, with areas dedicated for children, an athlete walkway, parking lots, gardens and water fountains.
Ibrahim Al-Alwan, CEO of the Al-Oula Company, said: "The project will provide an innovative and classy environment, in accordance with a modern style for a different and renewable life in the Kingdom. The sustainability of the Saudi economy, the population growth and the changing lifestyle give positive signs of the increasing demand for this type of real estate products.”
Al-Alwan noted that the Wagdan project is an introduction to a collection of vital and quality projects that will be developed by Al-Oula in the Kingdom.
The Al-Oula Real Estate Development Company has signed a MoU with the Al-Istithmar for Financial Securities and Brokerage Company (Al-Istithmar Capital) for establishing a real estate investment fund, aiming to develop the residential tower at the Wajdan Albahriya site.