His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Governor of Eastern Province, yesterday, the inauguration ceremony for the “New Dammam” project, which is being developed by “Adl Real Estate” with direct and indirect investments estimated at approximately (98) billion riyals, The project is located on a total area estimated at approximately 32 million square meters, with a net area of 26 million square meters, and enjoys a strategic location on the Dammam waterfront.

Ibrahim Al-Nimr, Managing Director and Vice Chairman of the Board of Directors of “Adl Real Estate,” delivered a speech in which he explained that the “New Dammam” is not merely a real estate development project, but rather represents an integrated development vision that is the result of long-term planning, professional work, and a solid partnership between the investment and government sectors, supervised and organized in accordance with the highest institutional standards, noting that the project aligns with the aspirations of the wise leadership and the objectives of Saudi Vision 2030, which have made investment, urban development, and improving the quality of life fundamental pillars for the nation’s future.
For his part, Mazen Baghdadi, CEO of Al-Inmaa Financial Company, affirmed that the “New Dammam” project embodies an integrated urban vision designed to meet the aspirations of the Eastern Province and align with the objectives of Saudi Vision 2030 in terms of quality of life, economic diversification, and maximizing the developmental impact of private investment, noting that the project represents a qualitative urban leap along the Arabian Gulf coast and reflects the Kingdom’s approach to integrating housing, work, and leisure within a comprehensive environment that contributes to improving quality of life and enhances Dammam’s appeal to local and global investors.

8 residential neighborhoods
He explained that the project comprises (8) residential neighborhoods, containing (15,791) residential lots, (5,210) investment lots, and (1,389) commercial lots, in addition to (322) seaside villas, (49) parks, and a number of diverse recreational destinations, providing a balanced urban environment for residents and visitors.
Baghdadi noted that the project is distinguished by its vital strategic location, with a direct view of the waterfront, and is situated at the center of a network of major transportation hubs and roads. He expects it to create more than (80,000) jobs and attract over (180,000) residents, thereby strengthening its role in supporting the local economy.

Developing Innovative Urban Environments
He noted that the project aims to develop innovative and sustainable urban environments, by employing modern technologies and smart solutions across various infrastructure components, thereby strengthening the Kingdom’s position as a global destination for investment and tourism.
Baghdadi explained that the project features a range of unique amenities, including water bodies exceeding 5 million square meters, waterways that enhance the urban and tourist appeal of the plan, as well as extensive green spaces covering more than 500,000 square meters, reflecting the project’s commitment to sustainable urban development concepts