Saudi Arabia launches $26bn waterfront city project in Dammam

12/02/2026 04:14 AST

Saudi Arabia has launched a massive SR98 billion ($26 billion) seaside residential and mixed-use project in Dammam, covering an area of approximately 32 million sq m, according to a report by the Saudi Press Agency (SPA).

The development, described as a fully integrated coastal urban destination, is set to reshape the Eastern Province's waterfront with residential neighbourhoods, commercial districts, business hubs and leisure facilities built around extensive marine frontage.

Prince Saud bin Nayef bin Abdulaziz, the Eastern Province Governor, on Monday launched the 'New Dammam' project, developed by Adel real estate company in partnership with Alinma company, an investment arm of the Saudi Alinma Bank.

Integrated coastal city
The project will feature a network of waterfront zones, including a main marine canal, marinas and inlets, designed to enhance the appeal of coastal living. Plans also include expansive green areas exceeding 500,000 sq m, along with public parks and open spaces aimed at improving liveability and quality of life.

Strategically located in Dammam, the development is expected to be integrated with key transport corridors, including major roadway links serving the wider Eastern Region.

The project is being developed by a local real estate company, with financial structuring and investment management supported by a Saudi financial institution, according to Arabic-language reports.

Vision 2030 alignment
The Dammam waterfront project forms part of Saudi Arabia's broader Vision 2030 strategy, which prioritises large-scale urban transformation, housing expansion and private-sector participation in real estate development.

The Kingdom has been accelerating giga-projects and large master-planned communities across multiple regions, aiming to increase home ownership rates, stimulate economic diversification and enhance urban sustainability.

Once completed, the Dammam project is expected to significantly expand the Eastern Province's residential capacity while creating new commercial and recreational opportunities along the Gulf coastline.

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