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Saudi Real Estate Co. (Al Akaria) was notified by the relevant authorities that its Al Wedyan project area located in the northwest of Riyadh city is under study for redevelopment, the company said in a statement to Tadawul on Sunday.
However, the firm added that it does not yet have any details to determine the expected impact of the decision.
Al Akaria will announce any relevant developments in due course, the statement noted.
On August 2018, the real estate developer announced its plans for a 7 million square meter mixed-use development project, called Al Wedyan, at an estimated cost of SAR 10 billion for the first phase, according to data compiled by Argaam.
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