CMH Role: Co-Promoter and Strategic Investor

Dannat Resort is a luxurious waterfront residential development comprising villas, townhouses, apartments, a hotel and ancillary recreational facilities. The development has an estimated project cost of SAR 2,570 million of which SAR 733 million was sourced via private placement. Covering a total area of 1,000,000 square meters, the project is located in one of the main tourist destinations in the Eastern Province of Saudi Arabia, known as the “Half Moon Bay”. The site is approximately 40 kilometers (45 minute drive) from central Al Khobar and 1 hour from Bahrain. The site is a prime beach front property that is in close vicinity to two large amusement parks, private palaces, and the upcoming Prince Mohammed bin Fahad University. Half Moon Bay and the project are accessible from one main highway in Al Khobar “King Fahad bin Abdul Aziz Highway”. The highway is a four lane highway, complete with infrastructure and petrol station stops. The attractiveness of the Half Moon Bay Area is seen from the success of nearby developments like the Holiday Inn, Al Nakheel Resort, Sunset Beach, Al Khaleej Makarem Village and Royal Amwaj Resort. Target milestones are as follows:

Target Milestones Target Date Status Attainment of SAGIA license January 2009 Completed KSA company incorporation January 2009 Completed Transfer of land ownership January 2009 Completed Master plan development June 2009 In progress Land reclamation / filling June 2008 – June 2011 In progress Development of infrastructure February 2012 In progress Pre-sales of land parcels or developed units June 2009 – June 2011 Not started