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FINANCIAL NEWS
Arriyadh Co. awaits gov’t approval for $3.5b project
26 May 2010
(MENAFN) Saudi Arabia’s Arriyadh Development Company said that it expects to receive government approval for a project worth more than $3.47 billion in capital Riyadh, Reuters reported.
The firm’s Chief Executive, Khalid Al-Dughaither, said that this $3.47 billion project is part of the redevelopment plan for downtown Riyadh and will be funded largely by the government and members of a consortium. The eight-partner consortium will include Saudi Arabia’s Dar Al-Arkan, Saudi Real Estate Co and Lebanon’s Solidere, he said.
He added that the project, which is called Duhairah District, will be built in nine stages over 15 years, and it includes residential, retail and tourism components.
The project will span an area of 750,000 sq meters and include demolishing part of downtown Riyadh, he said, noting that Arriyadh Development Company will move first to land acquisition and asset acquisition and then start demolishing and then infrastructure after that.
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