Eastern Province Municipality announces the initiation of the first stage of the tendering process for a pilot project of the initiative (Land - Opportunity - Loan) in corporation with the Ministry of Finance for the Khobar Corniche Real Estate Development Project in partnership with the private sector, an initiative of the Privatization Program that emanate from the Kingdom of Saudi Arabia’s Vision 2030.

We are pleased to invite expressions of interest (‘EOI’) in respect of the potential Khobar Corniche Real Estate Development Project under the Joint Development Agreement (JDA) framework in Al Khobar Corniche, which is a key location and a major commercial hub in Al Khobar, Kingdom of Saudi Arabia (the ‘Project’). The Eastern Province Municipality will conduct a competitive process to select a developer or a developer consortium to undertake the Project.

The Project envisages development, operations and maintenance of mixed use commercial real estate in three separate land plots with a total area of [60,960 m²] located in the heart of Al Khobar Corniche - one of the key locations in the area and a high-end commercial hub.

The Project would entail

1. Development of retail mall, an entertainment asset and casual F&B in Plot A [25,980 m²]
2. Development of high-end retail, upscale F&B and an entertainment asset in Plot B [25,980 m²]
3. Development of a luxury hotel as well as an upscale F&B in Plot C [9,000 m²]
4. Optimize monetization of Municipal land use

It is worth mentioning that the Ministry of Finance is guaranteeing that they would finance a portion of the Project’s capital expenditure under their Project Support Fund program - provided that certain requirements are met. This facility is expected to make the project more attractive for the private sector by reducing the cost of debt and/or providing a longer tenor for debt servicing.

Interested parties are invited to submit an EOI document on company letterhead that includes the following:

• Name of the interested party.
• Headquarter location.
• Name and contact details (National address, telephone number and electronic mail address) for the appropriate point of contact to whom all future correspondence will be addressed.

Submission Instructions:
The Submission of EOI Has Been Closed

Project Tendering Process

* This invitation does not constitute a commitment on the part of The Eastern Province Municipality to enter into a project development agreement with any firm or consortium expressing interest. Neither is it intended to shortlist organizations for the subsequent phases of this tender. This is not a solicitation to bid.

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