Saudi Arabia has announced the launch of the New Murabba Development Company, which will be instrumental in setting up the world’s largest modern downtown at Riyadh, contributing to the city’s future development in line with Saudi Vision 2030.
Saudi-based Abdullah Al Othaim Investment Company has unveiled Konoz (Box of Treasures in Arabic), a SR7-billion ($1.86 billion) development in Riyadh featuring a host of residential, commercial and leisure components.
Neom, the developer of a mega futuristic city in Saudi Arabia, has signed up three global consultancy majors as delivery partners for The Line, a 170-km belt of hyper-connected future communities without cars and roads.
Saudi Arabia has announced the launch of Jeddah Historic district’s Waterfront Project, which will see the construction of a marina for luxury yachts as well as creation of open green spaces and pedestrian overpasses.
Saudi Real Estate Company (Al Akaria) has announced that one of its key subsidiaries – Saudi Real Estate Infrastructure Company (Binyah) – has secured a contract worth SR544 million ($145 million) from Diriyah Gate Company for its Northern Cultural District (NCD) P3 Car Park Project.
SeAH GSI – a joint venture between the Saudi Arabian Industrial Investments Company (Dussur) and the leading Korean steel manufacturer SeAH CSS – has broken ground on its first-of-its-kind stainless-steel seamless pipes and tubes production facility in Saudi Arabia.
The Saudi Ports Authority (Mawani) and global freight major Maersk have broken ground on the company’s biggest comprehensive logistics zone in the Middle East at the Jeddah Islamic Port. The logistics park, which will come up on a 225,000-sq-m area, is being built at a total investment of SR1.3 billion ($346 million).
Work on the first phase of the Sports Boulevard in Riyadh, the world’s longest linear park, is in full swing with several key milestones having been achieved including excavation of more than 250,000 cu m of earth and pouring of 11,000 cu m of reinforced concrete.
Saudi Arabia’s National Housing Company (NHC) has announced the launch of its largest new residential suburb, Al Fursan, in the northeast of Riyadh. It also announced the second phase of ‘Khuzam Suburb’, representing the largest real estate supply in the capital city.
