Gulf Construction Online - Sreco to build integrated world-class city

Saudi Focus

Al Widyan city will be located in Riyadh’s northern growth corridor.

Sreco to build integrated world-class city

01 September 2018

Leading developer Al Akaria Saudi Real Estate Company (Sreco) has announced plans for a 7-million-sq-m integrated world-class city ‘Al Widyan’ in the capital.

Strategically located in Riyadh’s northern growth corridor, Al Widyan is around 15 minutes from the airport and 20 minutes from downtown Riyadh. Its prime location puts it within reach of a population of over eight million people.

The project will be delivered over a phased programme in seven years following the official launch in October.

According to Sreco, construction has already started on the mega project with the enabling, grading and infrastructure work under way. Phase One of the project is being built at a cost of SR10 billion ($2.6 billion).

Almofadhi ... Al Widyan will be a new paradigm for community living.

The announcement of Al Widyan is part of a new business direction for Sreco, a Saudi developer – partially owned by the government through the Public Investment Fund (PIF) with a 65 per cent stake and the Public Pension Agency (PPA) with five per cent – with four decades of experience.

Al Widyan is the first private real estate project to be granted the status of a Self-Regulatory Office (SRO), which de-risks the project for investors, reduces complexity in the development phase and fast-tracks permit services, said Sreco.

Co-developers and sub-developers will be able to enjoy significantly shorter go-to-market timelines, with fast and efficient procedures that will cut through bureaucracy and remove the need to engage with central government authorities.

Sreco has also registered a company to execute the project – Al Widyan Company, in which it has 100 per cent stake.

Construction work on the project begun last year with transportation and traffic impact studies completed and approved, it added.

Sreco said a number of memorandums of understand (MoUs) have already been signed with commercial partners, and talks were on with a wide range of other potential Saudi and international partners.

The Saudi developer pointed out that Al Widyan was committed to responsible, environmentally and socially-conscious living and will seek a 40 per cent reduction in energy use and a 35 per cent cut in water use.