KHC starts work on Riyadh Land project
Riyadh, January 31, 2012
Kingdom Holding Company (KHC), the investment firm chaired by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, said it has begun work on its major real estate project in Saudi, Kingdom Riyadh Land.
The Riyadh land is a mixed use residential and commercial development project coming up on a 16.8 million sq m of land.
KHC had in last February awarded the masterplan design and infrastructure contract for the project to Saudi architectural consultancy firm Omrania.
Announcing the project launch, Prince Alwaleed said, “Riyadh mega project will bring promising returns to Kingdom Holding investors. Our Saudi real estate projects are solid anchors for Kingdom Holding’s continuing profitability.”
As part of their service Omrania’s contract includes the co-ordination and approval of all master planning elements, engaging and managing the traffic impact study and environmental impact assessment sub-consultants and other studies required to complement and complete the master plan in the role of the local master planner, including all liaison with local authorities.
In addition Omrania will be carrying out the supervision of the infrastructure work on site at the pre-agreed rates contained in the award memo, he added.
Talal Almaiman, executive director for Development and Domestic Investments said, “This strategic step is aimed at broadening the activities of the Real Estate Investment Company to benefit from its marketing and operations’ ability.”-TradeArabia News Service