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REEF Project - El-Sefarat District
Overview
Establishing a residential and commercial compound located at Diplomatic Quarter close to Yamamah Park in Riyadh, on a leased land plot owned by Royal Commission for Riyadh City (RCRC). The project spans 39,000 square meters and comprises 64 various residential units including villas and townhouses, as well as 176 apartments, in addition to a commercial area that includes shops and restaurants for rent.
Project Information
- Real Estate > Landlords and developers > Other Properties
- In 2020 and 2021, the company announced that it works with RCRC on the project’s concept and after finalizing it, the company will present it to RCRC for approval in order to conclude the final contract for leasing the land and developing the project.
- In Q4 2022, the company signed a SAR 3.8 million contract with First Nile Co. for excavation and fencing works of the project.
- In its 2022 board report, the company revealed that all architectural designs were completed, as the design concept was presented by Chapman Taylor Company and other engineering phases by James Quipied, the project’s consulting office. Fencing and excavation works started, and the tender note of the main contractor will be prepared.
- In Q3 2023 investor presentation, the company revealed that the project includes 240 residential units and expected it to be complete in 2025.
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On November 15, 2023, the company announced that it signed a SAR 284.9 million contract with Saudi Real Estate Construction Co. (Tamear), one of its wholly-owned subsidiaries, for executing civil, construction, architectural, electromechanical, and external works for the project.
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In Q4 2023 investor presentation, the company revealed that the project is expected to be complete in 2026.
Owners
Related Parties
Project Developments
Al Akaria inks SAR 284.9 mln contract with subsidiaryArgaam16/11/2023
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