A Saudi government backed developer has unveiled plans to build a SAR 10bn ($2.66bn), 7 million square metre mixed-use development near Riyadh.
Construction has already started on Al Widyan in the Saudi capital’s northern growth corridor, with enabling, grading and infrastructure under way, confirmed Al Akaria Saudi Real Estate Company (SRECO), one of the largest real estate developers listed on the Saudi stock exchange (Tadawul).
SRECO, which is 65% owned by the government’s Public Investment Fund (PIF), says the announcement is part of its new strategy to deliver the next generation of large scale, mixed-use real estate projects across the kingdom, in line with the government’s Vision 2030.
Al Widyan is the first private real estate project in the kingdom granted the status of self-regulating authority, which SRECO says will reduce the risk for investors, simplifying the development phase and fast tracking permit services.
Abdulrahman Almofadhi, chairman of SRECO, described the project as “a new paradigm for community living in the kingdom” that “will embody the spirit of new Saudi Arabia”.
A number of MOUs have already been signed with commercial partners, and dialogue is ongoing with a wide range of other potential Saudi and international partners, he added.
Al Widyan will be delivered over a phased programme of development, expected to be undertaken over a 7-year timeframe with a full launch in Q4 2018.