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. A prime beach front property, the site 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 via the King Fahad bin Abdul Aziz Highway, 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. License from the Saudi Arabian General Investment Authority (SAGIA) was received in 2009. Land reclamation is in progress and anticipated to be completed by the second quarter of 2011.