Ajwan Resort Masterplan approved for implementation

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

I NOVEST yesterday said it has received final approval from the Eastern Province Municipality for its revised Ajwan Resort masterplan.

Ajwan Resort, previously known as Dannat Resort, is owned by First Gulf Real Estate Company (FGREC), a Saudi company, in which INOVEST has a shareholding of approximately 37.6%.

Ajwan Resort is located in Half Moon Bay in the Eastern Province of the Kingdom of Saudi Arabia.

The resort land, which measures 1 million square meters with approximately 1.25 kilometers of open waterfront, is being handled by Sumou Holding, a Saudi based mega-developer, and First Gulf Real Estate Company (FGREC).

Speaking on the occasion, CEO of INOVEST, Yasser AlJar, said, “Developing Ajwan Resort is well aligned with the central theme of real estate investment within the INOVEST Group strategy, and it serves to illustrate our capability in developing and implementing unique real estate opportunities.”

From his end, Dr Abdulaziz Al Dukahil, Chairman of FGREC’s Board of Directors, noted, “The decision to revise the masterplan came as a result of a series of lengthy meetings with our strategic partners, Sumou Holdings.”