$3.5 billion urban upgrade for Riyadh considered
The eight member consortium of developers is led by Saudi's Arriyadh Development and includes Lebanon's Solidere.
May 26, 2010 10:08 by Katherine Azmeh
An urban redo could give Riyadh a $3.5 bn upgrade, the Saudi Gazette reported Wednesday. The project, which proposes to develop a 750,000 square meter area with a mix of housing, commercial and tourism components, is led by Saudi Arabia’s Arriyadh Development Company in an eight company consortium, the report said.
Arriyadh’s chief exec said the project would take an estimated 15 years to complete, and is now in the latter stages of planning and feasibility. An estimated 90 percent of the buildings currently on the site would be demolished, he added. The master plan has not yet received government approval.
Project partners including Lebanon’s Solidere, which built Downtown Beirut, Saudi’s Arabia’s Dar Al-Arkan, Saudi Real Estate Company, the kingdom’s Social Insurance Establishment and its Public Pension Fund, the report added.