Development of Dannat Resort in Half Moon Bay

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

INOVEST, a leading investment group listed on both Bahrain Bourse and Boursa Kuwait, yesterday disclosed signing an agreement for the development of Dannat Resort.

First Gulf Real Estate Company (FGREC) and Sumou Holding, a Saudi based mega-developer, signed the deal.

INOVEST is a major investor in First Gulf Real Estate Company (FGREC), which owns Dannat Resort lands. The signing ceremony took place in Sumou Holding headquarters in Al Khobbar, Saudi Arabia and was attended by Ayedh Al-Qahtani, Chairman of Sumou Holding, Saeed Al Nahdi, CEO of Sumou Holding, FGREC Board Chairman, Dr Abdulaziz Al Dukahil and FGREC Board member, Abdulaziz Al Sanad as well as INOVEST CEO, Yasser Al Jar, and INOVEST CIO, Talal Al Mulla.

Dannat Resort is located in Half Moon Bay in the Eastern Province of Saudi Arabia. The resort land measures 1 million square meters with approximately 1.25 kilometres of open waterfront.

The agreement with Sumou Holding will see the raw spaces of Dannat Resort dredged, reclaimed, and full infrastructural works developed.

The agreement, which has an estimated turnover of SR 820 million, is expected to take approximately 36 months of work and will be the starting point for establishing Dannat Resort as both a residential and holiday destination.

Future prospects indicate that Dannat Resort will be a self-contained luxury destination, with a designed community comprised of villas, apartments as well a hotel residence and a full suite of entertainment and marine services.

Chairman of Sumou Holding, Ayedh Al-Qahtani, said “ Our agreement with FGREC and INOVEST to develop Dannat Resort allows us to combine our established expertise in real estate development and construction, as well as marketing and management skills to deliver exceptional value in the city of Al Khobar. Dannat Resort serves our promise to be a responsible investor in the Kingdom’s national prosperity in line with Vision 2030.”

Dr Abdulaziz Al Dukahil, Chairman of FGREC’s Board of Directors as well as an INOVEST Board member, said, “Although the tourism sector worldwide, was notably impacted by the COVID pandemic, it has begun to show clear signs of a solid rebound, and Saudi Arabia has positioned itself as a global luxury powerhouse with massive tourism development projects underway. We are thrilled to see Dannat Resort stake a claim to being amongst those ranks.”

Abdulaziz Al Sanad, a Board member of both FGREC and INOVEST, noted, “This agreement with Sumou Holding Company opens a clear pathway for First Gulf Real Estate Company and INOVEST to develop and activate the massive potential within Dannat Resort.”