With a value exceeding half a billion riyals, Al-Darah acquires the Corniche land north of Al-Khobar
In the first strategic real estate alliance in the Eastern Province between Adeer Real Estate Company (Sumou Holding), Saudi Tharwa Company, and Al Darah Real Estate Development Company (the development arm of Al Jomaih Group of Companies), the alliance acquired the Corniche land with the aim of developing it according to the latest real estate development standards. The Corniche land extends over a vast area estimated at approximately 2.1 million square metres, and is distinguished by its being a plan approved by the Eastern Province Municipality for residential and commercial use under number D 1061.
The project is characterized by its strategic location in the eastern corner of the city of Dammam, and north of the city of Khobar, along the new Corniche Road from the eastern side, and is linked to King Saud Road - Al-Qishla, which reaches the city of Dhahran with a length of 2.3 km, which makes the planned site the most important waterfront on the The waters of the Arabian Gulf are in the middle of the three eastern cities.
Commenting on this event, Miteb Al Saad, co-founder and CEO of Adeer Real Estate Company, indicated that this alliance is an important step that will have a significant impact in the field of real estate development in the Eastern Province, as the allied companies will join forces with all their expertise and capabilities in developing and marketing Corniche land, which is considered one of the most important projects in the eastern region due to its huge area. For his part, Ibrahim Al-Abd Al-Karim, a member of the board of the Saudi Tharwa Company, said: This alliance aims to provide various housing and investment solutions for everyone looking to own property, given the various features of this project, the most important of which is the exceptional location, and unique solutions that will contribute to the recovery of the real estate market in the Eastern Province. . In turn, Majed Al-Jomaih, CEO of Al Darah Real Estate Development Company, said: We hope, through this alliance, to move the wheel of the real estate market in Al Sharqiya, especially after the recession it witnessed over the past year due to the Corona pandemic. We are confident that the Corniche land project will be one of the most important projects in Al Sharqiya after its development is completed, and we are keen to be at the highest level and comply with the highest international standards