Business Park Complex Company, a wholly owned subsidiary of Dhahran Techno Valley Holding Company, a wholly owned subsidiary of King Fahd University of Petroleum and Minerals in Dhahran, has announced the launching of first mega real estate investment project to build the first phase of one of the largest mix-used commercial complexes in the Arabian Gulf in terms of built-up areas, strategic location and real estate diversity.
It is built with active contribution of the KFUPM endowment.
The project is strategically located on Prince Mohammed Bin Fahd Road in Dhahran, near the education and energy giants – King Fahd University of Petroleum and Minerals and Saudi Aramco. The first phase is expected to be completed in the second quarter of 2023.
Mr. Khalid Al-Gunaiyan, Acting Chief Executive Officer of Business Park Complex Company, said that the project includes five major contracts. The first contract was signed with Al-Kifah Contracting Company to construct project phase 1, which consists of 13 towers, 5 residential towers containing 611 units, and 8 towers of office spaces and luxurious commercial areas. The total area exceeds 550 thousand square meters.
The second contract was signed with the Saudi French Hotel Management Company (ACCOR), which aims to manage and operate the hospitality buildings, which include a dedicated tower for Novotel hotel (4 stars), and another tower for luxury hotel apartments, totaling of 334 keys between hotel rooms and apartments, in addition to a huge mixed-use hall for banquets and conferences with an area of 1200 square meters. This contains four hall rooms for up to 800 people. Construction of the hospitality buildings is expected to begin in the first quarter of 2020, and it is scheduled to be completed by mid of 2023.
The third contract was signed with Wood Al- Hejailan Engineering Consultants to do the construction management work and technical supervision.
The fourth contract was signed with Saudi Tabreed Company for 30-year concession (BOT) designed to provide cooling for the entire complex with a capacity up to 15,000 tons.
The fifth and final contract was signed by the Business Park Complex Company, with the National Commercial Bank (NCB), to finance this phase of the project equally with Dhahran Valley Services Company which is the investment arm of KFUPM Endowment.
The project aims to provide the highest quality of real estate development and provide an attractive and competitive work environment for the business sector and create job opportunities for future competencies in the areas of engineering, energy services and vocational training and enrich local capabilities and in line with Vision 2030.
Upon completion, the project is expected to attract 15,000 daily visitors looking for business and leisure areas in the region and will provide more than 6,000 parking lots, service buildings, power plants and water treatment facilities.