High profile deals include Talaat Moustafa Group’s SAR 40 billion Banan City project and Saudi developer ROSHN’s partnerships valued at SAR 9 billion
Billion-dollar real estate projects valued at 70 billion Saudi Arabia riyals ($18.6 billion) will change the landscape of Saudi Arabia in the coming years, going by the developments launched at the Cityscape Global expo in Riyadh.
The four-day event, which runs until September 13, has seen the participation of the more than 170 countries and 2,000 investors. However, all eyes have been on the announcements coming from the event, which includes the Banan City mega-project, which is being built at cost of SAR 40 billion.
Here’s a look at all the projects that have been announced at Saudi Arabia’s Cityscape Global so far:
Banan City
Talaat Moustafa Group (TMG), one of the largest developers in Egypt, will build an integrated smart and sustainable residential city near the Saudi capital Riyadh at a cost of SAR 40 billion ($10.6 billion). TMG has finalised the deal with Saudi’s National Housing Company (NHC) at the Cityscape Global event in Riyadh on Sunday. The Banan City project will be spread over the total space of 10 million square metres. Located in NHC’s Al Fursan suburb of Riyadh, the new city will comprise close to 27,750 villas and residential units and nearly 40% of the area will comprise large green spaces.
National Housing Company
Aside from the project with TMG valued at SAR 40 billion, Saudi’s National Housing Company (NHC) also announced the initiative to develop real estate valued at an additional SAR 2 billion in the suburbs and communities under their administration, which will go towards establishing 86,000 residential units and hotel towers encompassing more than 1,000 units.
Thakher Development Company
Thakher Development Company announced the launch of Radisson Hotel & Residences in Makkah at Cityscape Global, with a project value exceeding SAR 200 million. This marks the third launch in the Thakher Makkah project, which recently announced land sales exceeding SAR 1.5 billion for the construction of three hotel residential towers.
The project’s first phase is almost completed, while the second phase is expected to be delivered in 2024.
Upon completion, the project will include about 100 plots allotted for various uses, including hotels, residential, commercial, and service-related areas. Residential and hotel apartments units will be available in various categories, and the units will be also available for ownership.
Saudi-based real estate developer ROSHN announced four commercial partnerships worth more than SAR 9 billion at Cityscape Global, which includes a construction contract in collaboration with China Harbour Engineering Company worth SAR 7.7 billion to develop 6,700 residential units, mosques, community centres, retail, and supporting public amenities in Riyadh’s Sedra and Warefa communities.
Other projects announced include a SAR 690 million contract that was awarded to the Saudi-based PC Marine Services for canal and bridge construction near Jeddah. Another contract worth SAR 840 million was signed with Saudi Pan Kingdom Company to develop infrastructure works for communities in
Saudi Arabia’s western regions.
Makkiyoon Urban Developers
Makkiyoon Urban Developers unveiled the Boulevard Makkah project, valued at SAR 6 billion, reported the state news agency. The project includes administrative, commercial, residential units, and hotels spanning a total area of one million square metres.
The Ritz-Carlton Khobar
According to the state news agency, Saudi Arabia’s Tourism Development Fund (TDF) signed an agreement to finance and develop The Ritz-Carlton Khobar with RC Beach Real Estate Fund, managed by Blominvest. The SAR 5 billion project with Retal will feature 130 luxury rooms and suites, 48 chalets on a total area of 99,917 square meters. The hotel will comprise restaurants and services facilities to host conferences, a resort and other sports and entertainment facilities on the Arabian Gulf.
King Salman Park Fund
The King Salman Park Fund announced a SAR 4 billion investment to develop the first plot of land within the project, which will involve the construction of 1,500 residential units with the Salmani architectural style, as well as office, hotel, educational, and retail areas in an area of over 290,000 square metres.
Masar Destination
Umm Al Qura for Development & Construction, the main developer of Masar Destination in Makkah, launched a SAR 4 billion project to construct 18 residential towers, four hotel buildings, and an office building.
(Reporting by Bindu Rai, editing by Seban Scaria)
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© ZAWYA 2023
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