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
More Construction & Real Estate Stories
- Saudi launches housing scheme to ease shortage
- R&M wins Oman residential project contract
- Asian skyscraper prices tower over rest of the world
- Tamleek opens new office in Dubai
- $29m allocated for Bahrain drainage projects
- Indian group plans $300m Bahrain Bay investment
- Drake and Scull awards key supply contract
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman