The New Dammam Waterfront Project has been officially launched in Saudi Arabia with an investment value of SR98 billion ($26 billion). The large-scale seaside residential and mixed-use development covers around 32 million sq m along the Dammam coastline, according to the Saudi Press Agency.
Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, inaugurated the project. Adel Real Estate Company is developing the project in partnership with Alinma Company, the investment arm of Saudi Alinma Bank.
The development aims to create a fully integrated coastal urban destination that combines housing, business, retail, and leisure facilities.
Integrated Coastal Development
The project will include several waterfront zones designed around marine features. These will consist of a main canal, marinas, and inlets that support coastal living and recreational activities.
Developers have planned more than 500,000 sq m of green areas, public parks, and open spaces. These facilities aim to improve liveability and provide residents with accessible outdoor environments.
Residential neighbourhoods, commercial districts, and business hubs will form the core of the development. Leisure facilities will support tourism and community activities along the waterfront.
Location and Connectivity
The development occupies a strategic location in Dammam and connects to major transport corridors in the Eastern Region. Road networks will link the project to key urban and industrial areas.
This connectivity is expected to support daily commuting, commercial movement, and access to regional infrastructure. The location also strengthens the city’s position as a coastal and economic centre.
Arabic-language reports state that a local real estate company is leading the development, while a Saudi financial institution supports financial structuring and investment management.
Partnership and Investment Structure
Adel Real Estate Company leads project execution, while Alinma Company manages investment and financial arrangements. The partnership reflects growing collaboration between private developers and financial institutions in Saudi Arabia’s real estate sector.
The structure aims to ensure long-term funding stability and efficient project delivery. Authorities expect the model to encourage further private-sector participation in urban development.
Alignment with Vision 2030
The New Dammam Waterfront Project supports Saudi Arabia’s Vision 2030 strategy, which focuses on urban transformation, housing expansion, and economic diversification.
The Kingdom continues to accelerate large master-planned developments and giga-projects across several regions. These initiatives aim to increase home ownership, strengthen non-oil sectors, and promote sustainable cities. By expanding residential capacity and creating new commercial and recreational zones, the project contributes to national development targets.
Expected Impact
Once completed, the project will significantly increase housing supply in the Eastern Province. It will also create new opportunities for retail, tourism, and business activities along the Gulf coastline. The development is expected to strengthen Dammam’s role as a major urban and economic hub. Authorities and developers anticipate that it will enhance the quality of life while supporting long-term regional growth.
