Rikaz unveils US$200 million 'City Fanar' project in Saudi Arabia

Rikaz, a leading real estate development company in Saudi Arabia, yesterday unveiled its prestigious US $200 m City Fanar project, a unique water front 'Future City' destination, built around a 300,000 square metres manmade lagoon in Al Khobar, Saudi Arabia.

Located on the Al-Khobar-Dammam Corniche, the 3.3 million square metres City Fanar will provide a mixed use environment, offering world-class residential, commercial and leisure facilities, including an unmatched blend of entertainment, dining, shopping, marina and hotels.

"The scope and mix of this project cannot be found anywhere else in Saudi Arabia," according to Sheikh Khalid H. A. Al-Ghatani, President and CEO, Rikaz. "With idyllic waterfront estate houses, condominiums and apartments, City Fanar will provide the ultimate in deluxe living. As a national landmark, its legacy will attract people from all over, making it the preferred destination within the surrounding region.

"City Fanar will be more than simply a location where people live and work. It will be a versatile and dynamic entity, evolving with the culture to which it belongs. Unlike other projects resulting from a frenzy driven real estate market, City Fanar presents investors with a reliable opportunity to take part in a project that will influence the future of the region and bring returns on investment."

Explaining that 'Fanar' translates as 'lighthouse', Sheikh Khalid added: "The lighthouse is a time-honoured symbol that is a beacon of direction, security and hope. City Fanar will embody all the values represented by the lighthouse in its features and services."

City Fanar will be strategically placed as the connecting point between Al-Khobar and Dammam, in Saudi Arabia's Eastern Province. It will have easy access to Dammam, Al-Khobar, Al-Jubail, the King Fahd International Airport, Dammam Port, and the Dammam Re-export Free Zone, making it a prime location for real estate investment.

One of the unique aspects of this project is its collective approach in its strategy, using a steering committee made up of consultants, architects, communication experts and futurists. These include Addima Consulting, Alem and Associates, NG Architecture & Planning and Vahid Associates of Bahrain.

The lagoon, the first and largest of its kind privately developed in Saudi Arabia, will serve as a centre for a lifestyle in line with Saudi Arabian traditions and values.

The orientation, height and density of the surrounding buildings will allow for panoramic lagoon views, set against vistas of the Arabian Gulf. The master plan positions the tallest buildings and recreation facilities along the lagoon waterfront, with a gradual reduction in building density further inland. These will vary from 16 storey mixed-use high-rises to single-storey residential buildings. With over 200,000 square meters of lush greenery - 50 percent of which will be set aside for private residential gardens - City Fanar's traditionally designed residential area will present a hospitable and delightful environment.

Also included in the master plan is the Eastern Province's first and longest pedestrian walkway that will connect the piazza, a 20 square metre architectural marvel situated in the heart of the commercial area, to the city's 115,000 square metres main mall - one of the largest in the Eastern province. The walkway will also act as a main artery, facilitating movement throughout the city.

"The carefully deliberated community-centred design of the residential area will create a sense of place for residents, with the lagoon at its heart. Specialised urban planning will minimise automobile use and encourage pedestrian mobility, making the residential area a safe, intimate environment for families," said Sheikh Khalid.

The commercial centre has been masterplanned in such a way as to facilitate the use of advanced technology in its office complexes, service centres and world class shopping malls. The malls will offer leading international brands, making them an attractive choice for consumers the region over to visit. The marina, hotels, parks and open spaces will enhance the city's splendor and vibrancy.

"Last but not least, basic infrastructure institutions such as schools, mosques and clinics will help fortify the community and maintain its leadership status," Sheikh Khalid added.