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FINANCIAL NEWS
Saudi’s Mawten to build $293m industrial city
15 Dec 2010
(MENAFN) Dr. Raeyed Al Dakheel, Chief Executive Officer of Mawten Real Estate Company, announced that it has allocated $293.3 million to build an industrial city in Riyadh, as part of the Kingdom�s strategy to involve the private sector to strengthen its industries and achieve economic development, Arab News reported.
According to Al Dakheel, the new city, known as Industrial Gate City, will be equipped with a network of modern roads, and will have industrial, commercial and residential zones with promising investment opportunities.
Besides Industrial Gate City, which is to be built on an area of 6.5 million square meters, Mawten is currently developing a series of landmark projects including the Bella Casa housing compound in the north of Riyadh, plus two quality hotels in Riyadh and Makkah, he added.
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