Saudi Real Estate Company (Al Akaria) on Monday announced its plans for a 7 million square meter mixed-use development project, called Al Wedyan, in Riyadh.
The Tadawul-listed firm, which is partially owned by the Public Investment Fund (PIF), said the move is part of the company’s new business direction.
The first phase of the construction is expected to cost SAR10 billion.
Construction work on the project began in 2017 with transportation and traffic impact studies completed and approved, Al Akaria said in a statement.
A full launch is expected in Q4 2018, with a total timeframe of seven years. The project will be delivered over a phased program of development, it added.
The developer has also already signed a number of MoUs with commercial partners, and the company is in talks with other potential Saudi and international partner.
“Al Wedyan is the first private real estate project to be granted the status of a Self-Regulatory Office (SRO), which de-risks the project for investors, reduces complexity in the development phase and fast tracks permit services,” the statement said.
Al Akaria has also registered a company, called Al Wedyan Co., to execute the project.
The Saudi developer recently appointed Mamdouh Saud Al Sharhan as its new chief executive officer, following the resignation of Abdullah bin Ibrahim Saad Al Ayadhi.
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