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Argaam Tools ×
Islamic World District
Overview
The Islamic World District project is located at the southern part of the Knowledge Economic City, over an area of 900,000 square meters at a cost of SAR 12 billion. The mixed-use project comprises three-star hotels with up to 14,000 keys, 1,800 apartments, as well as outdoor spaces, pedestrian zones and shopping areas.
The first phase of the project includes developing a multi-use destination featuring a chain of hotels with about 5,061 hotel units, 743 apartments, a market, a service area and support elements.
Project Information
- Hotels and Tourism > Hotels, Motels, and Resorts
-
The company signed a memorandum of understanding (MoU) with OYO Oravel Technology to study the feasibility of reaching a final agreement regarding the management and operation of 1,500 luxury rooms, under the OYO brand, in the initial phase of cooperation between the two firms.
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The company expects the completion of the planning works and feasibility studies in 2020, infrastructure works are projected to start in Q2 2021.
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The company announced that the engineering and design phases of the project were started,
and financial institutions to be determined in 2021.
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On October 18, 2023, the company announced that it signed a contractor agreement with China Gezhouba Group International Engineering Co., including the implementation of construction works as a general contractor, and providing the necessary supplies of materials and finishes for the buildings, at a value of SAR 2.1 billion.
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On October 29, 2023, the company announced that it signed a framework agreement with GIB Capital to establish a real estate investment fund (REIT) for the development of the first phase of the project at an investment cost of about SAR 3.5 billion.
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