Revised masterplan of Inovest-backed resort project gets Saudi approval

Revised masterplan of Inovest-backed resort project gets Saudi approval

Bahrain-based investment group Inovest has announced that the Eastern Province Municipality has approved the revised masterplan for the Ajwan Resort in Saudi Arabia, featuring residential, commercial and leisure elements.

Inovest is a major stakeholder in the project developer First Gulf Real Estate Company (FGREC), possessing 37.6% shares in the group.

Previously known as the Dannat Resort, Ajwan is located in Half Moon Bay in the kingdom's Eastern Province, spanning over a 1 million sq m area with approximately 1.25 km of open waterfront.

Inovest pointed out that the revised master plan comes following extensive consultations with Saudi property developer Sumou Holding, which is handling the resort’s development in partnership with FGREC.

The key elements of the revised masterplan includes:

*Optimisation of land use for residential zones to better fit the area

*Sea-facing luxury villas and townhouses with dedicated beach access

*Increase in green zones and well distributed landscaped recreational areas

*Centralised retail with indoor and outdoor outlets

*Improved access to allow for fluidity in traffic movement in and around the area and also

*Increase in the size of the resort to allow integrating additional amenities and service offerings for creating a holiday destination

Lauding FGREC for getting the revised masterplan approved, Inovest CEO Yasser AlJar said it was a major milestone