HRH Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, has issued directives for a series of comprehensive reforms aimed at stabilising land and rental prices in Riyadh, following an in-depth study by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs, reported the Saudi Gazette.
Al Nakhla Investment Company has announced the completion of the Al Sharq Village, one of the premier luxury residential compounds in the Saudi capital.
Saudi Water Partnership Company (SWPC) has announced that its SAR964 million ($257 million) utility project – Madinah 3 Wastewater plant – has begun commercial operations.
Saudi Arabia’s Ministry of Investment has announced that foreign firms will be permitted to own and sell real estate outside Makkah and Madinah for investment purposes, according to a Saudi Gazette report.
Red Sea Global (RSG), the developer behind the regenerative tourism destinations The Red Sea and AMAALA, has unveiled Laheq Island, a new residential community at The Red Sea promising to bring island-lifestyle to Saudi Arabia for the first time. Laheq marks the first plans beyond Phase One of The Red Sea that have been revealed to date, said RSG.
Roshn Group, the kingdom’s leading multi-asset class real estate developer powered by Saudi wealth fund PIF, has announced that it has signed a sale and purchase agreement with Ajdan Real Estate Development Company for the construction of 113 villas under its Al Manar project in Makkah.
Saudi Railway Company (SAR) has invited tenders from major global players for provision of lead design consultancy services for its mega Landbridge Railway network project being set up at an investment of $7 billion.
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries (MHI), has received two major orders in cooperation with Doosan Enerbility to supply six state-of-the-art M501JAC gas turbines, generators, and auxiliary equipment for the Rumah-1 and Al-Nairyah-1 Independent Power Plant (IPP) projects.
