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Shams Ar Riyadh
Overview
The project includes developing an integrated community, located at Al-Diriyah district, Riyadh, over 3.1 million square meters, with a total investment of SAR 5.8 billion.
The project includes 2,694 villas, commercial buildings, malls, retail markets, a natural valley, landscapes, facilities and spacious yards. Commercial buildings vary in height between 4-25 stories, built on a total area of 482,000 square meter.
The project will be implemented in five phases. Phase I includes developing the infrastructure, 500 villas and commercial stores over 8,575 square meters. Phase II includes developing a gated residential compound that comprises 1,000 units allocated for SABIC.
Project Information
- Real Estate > Landlords and developers
- During 2012 and 2013, 1.8 mn sqm of the project was sold to SABIC.
- In 2014, the company agreed with Ministry of Foreign Affairs to develop a diplomatic quarter within the complex.
- By end of 2016, around 49 percent of infrastructure works were completed. Master plans were set to be completed by Q2 2018.
- The company plans to complete the second phase within five years. Estimated investment is SAR 600 mln.
- SABIC’s compound is expected to be completed in Q4 2018. The compound comprises 600 units and is built up on a total area of 1.8 mn sqms.
- In Q4 2018, construction works started on Mirabilia project. The project includes developing prestigious villas. The interiors designed by Roberto Cavalli fashion house.
- In Q4 2018, investment reached SAR 1 bln including developing two power plants and main roads leading to the project.
- The launch of 3 phases of the project during 2020 under the name Verdi, which includes 406 villas and mansions during the first quarter and in the second quarter the launch of La Casa, which includes 491 units, and the third quarter, the launch of the zone 1 under the name Giovanni, which includes 771 units, and the fourth quarter, the zone 5 was launched under the name Plazzo, which includes 189 units, and six contractors have been contracted to implement the infrastructure and construction works, and the infrastructure works are expected to be completed by the end of 2021.
- In Q2 2021, the company announced building a villa complex within the project, in cooperation with Elie Saab.
- In Q1 2022, the company announced that it sold the entire project. The project is in the fourth phase, where services are being delivered. The other phases are 60% complete.
- In its 2022 board report, the company revealed that infrastructure works on zones 4A and 4B were completed, while related works on other zones are more than 55% complete and are expected to be completed as per scheduled.
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In 2023 board report, the company revealed that infrastructure works were delayed due to pending approvals from regulatory authorities.
Owners
Related Parties
Project Developments
Roundup of Dar Al Arkan’s latest projects in 2023 Argaam Special30/04/2024
A review of Dar Al Arkan projects, investors, board ownership changesArgaam Special20/04/2022
A look at Dar Al Arkan’s projects, board ownership changesArgaam Special14/04/2020
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