Aseer awards main contract for $266m multi-use Saudi project
RIYADH, 6 hours, 19 minutes ago
Aseer Development Authority has awarded the main contract for 'The Point', a multi-use project being set up in Abha city in collaboration with Saudi Tourism Development Fund, Red Sea Markets for Real Estate Investment Company and Banque Saudi Fransi at an investment of over SAR1 billion ($266 million).
Spanning over a 75,000 sq m area, the project will feature a mix of retail, entertainment, hospitality, and tourism elements, said senior officials at the signing ceremony held on the sidelines of the Cityscape Global 2024.
The Governor of Aseer Region and Chairman of Aseer Development Authority Prince Turki bin Talal bin Abdulaziz was present at the ceremony.
Strategically located, The Point connects the city of Abha and Khamis Mushait Governorate, just 7km from Abha city center and 14 minutes from Abha International Airport. It is expected to open in Q4 2027.
The project boasts a variety of shops, restaurants, local and international cafes as well as a cinema. In addition to all this, the multi-use project will house luxury Hilton hotel apartments and a Canopy Hotel by Hilton.
The project also features green spaces as well as a health and youth center, it added.-TradeArabia News Service
