Saudi Arabia real estate developer Al-Suwaiket officially opened the SR350 million (US$93 million) Dhahran Tower last week. The luxury apartment building, equipped with a helipad and 291 furnished apartments, seeks to introduce the area to "Manhattan-style of living," the Al-Suwaiket Group told the press.
The tower is reportedly 200 meters tall (656 feet). The property is owned by the Alkhobar-based construction magnate Mubarak Al-Suwaiket, who is considered one of the richest businessmen in the country, according to local media.
Although wealthy Saudi buyers typically prefer personal villas, there is a market for the luxury apartment "Manhattan-style of living," Mr. Al-Suwaiket told the media.
Rent in the 44-story Dhahran Tower will range from $28,000 to $41,300 per year depending on the floor, size and the view, an Al-Suwaiket spokesperson said.