The launch of the Al Zorah 18-hole Golf Course at the end of 2015, which was immediately hailed as one of the best new golfing venues in the region, is testimony to our commitment in moving forward.
Today, Al Zorah, with its unique beach and mangrove endowed site, is being developed as a touristic destination, after which mixed uses will follow. Following the Golf Course, 2016 will witness the soft opening of the Oberoi Al Zorah ― much anticipated by the media, the first phase of Golf Villas and the Al Zorah Marina with an adjacent entertainment and leisure Park. Meanwhile, we are witnessing growing interest in the project and are receiving and evaluating offers from prominent developers and investors keen to co-develop tourist, educational, and residential projects. Al Zorah’s land bank today is worth a multiplier of its cost, and we expect its value to continue to appreciate.
In Saudi Arabia, our strategy focuses on a number of priorities led by accelerating the completion and delivery of ongoing projects. Indeed, the residential Golden Tower in Jeddah is now starting to glitter with internal finishing progressing on schedule. Not far away in Obhur, our land development projects are also on track. In Riyadh, our team is scheduled to deliver the most prestigious new compound, Wadi Qortuba, by the end of 2016.
We have also started working on the development of a number of retail strips in the Riyadh area. On completion, these will add to our income generating assets, with the objective to roll-out the same business model and develop a large number of similar projects to generate stable cash flow and help diversify risks.
We look forward to new opportunities as we continuously monitor the markets.
Chairman and Chief Executive Officer