Saudi Eastern Eamana in US$37m real estate investment

Saudi Arabia’s Eastern Eamana has issued a statement announcing its plans to invest SR140 million (US$37.32 million) in an integrated commercial complex in Dhahran. This was captured in a report published by state news agency SPA.

The planned project is expected to cover an area of 100,000 square meters. The goal of this project is to promote and make room for recreational activities and tourism in the Eastern Province.

This investment is one of many projects being embarked on in Saudi Arabia in a bid to further reinforce the kingdom’s stance as a tourism destination.

The ultimate goal of such projects is to further diversify the economy and to bring the kingdom farther away from oil dependency as the global call for a more sustainable world economy intensifies.

According to Hamdan Al-Aradi, the Undersecretary for Investments at the Eastern Province Municipality, the investment is expected to ramp up development and help to validate the concept of spending efficiency and financial sustainability.