PIF launches Khobar Downtown across 829,000 square metres
The Public Investment Fund launched the Khobar Downtown project on 829,000 square metres of waterfront, with more than 4,000 homes and 500 hotel rooms.
The Public Investment Fund's Khobar Downtown project was launched on an area of 829,000 square metres on the Al Khobar waterfront, according to Arab News.
The project includes more than 4,000 residential units, more than 500 hotel rooms and 40,000 square metres of offices, in addition to 139,000 square metres allocated for retail and restaurants.
The project allocated 103,000 square metres of green space, in a design that brings housing, work and leisure together in one area on the waterfront.
The project comes within efforts to develop waterfronts and raise quality of life in Saudi cities, with a focus on integrated projects that combine residential and commercial uses.
What do these terms mean?
Public Investment Fund: The sovereign wealth fund of the Kingdom of Saudi Arabia, which invests locally and globally to support the economy and diversify its sources.
Waterfront: The strip of land overlooking the sea on which residential, commercial and leisure projects are built.
Integrated project: A project that includes housing, offices, retail and services in one location, reducing the need to travel outside it.
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