KHC plans Riyadh project expansion
Riyadh, February 6, 2012
Kingdom Holding Company (KHC), the investment company chaired by Saudi Prince Alwaleed, has announced the expansion of its key project in Riyadh, Kingdom Centre (Trade Centre) at an investment of SR43.8 million ($11.6 million).
The Kingdom Centre occupies 94,230 sq m of land comprising the Al Mamlaka shopping mall, one of Riyadh’s most prestigious shopping malls, and a 300 meter office tower which was, when built, the tallest building in the Middle East.
The announcement was made at the KHC board meeting chaired by Talal Ibrahim Al Maiman, executive director for Development and Domestic Investments. KHC holds a 36 per cent interest in the Kingdom Centre.
Under the expansion plan, 26 new commercial stores with a total of 3,580 sq m will come up in addition to 10 commercial stands occupying 157 sq m and an 874 sq m children recreation area besides 27 food stalls totaling 1,420 sq m and a 600 sq m mosque, said Al Maiman.
Furthermore, the expansion includes common area and service facilities making up the 13,550 sq m expansion, he stated.
According to him, the project on completion will fetch a 35 per cent annual return on investment.
Commenting on the expansion, Prince Alwaleed said, “This comes in light of KHC’s objective to continue to fortify its investments in Saudi Arabia.”
The Kingdom Centre, which was completed in 2002, is one of Saudi's most identifiable landmarks.
KHC had recently announced the Four Seasons Hotel Riyadh 44 rooms and suites expansion project was currently under development.
The 48th floor will be converted into two floors “48th and 50th floors” with 44 premium category of guest rooms and suites, a check-in desk on the 48th floor, as well as the services of a dedicated concierge staff.
The expansion also includes a panoramic elevator, a 90 sq m Executive Lounge and a unique butler service. Furthermore, a 90 sq m Ladies Gym will be situated on the 50th floor for all in-house female guests.
Moreover, Kingdom Suite will be the 'Signature Suite' of the hotel situated on both floors (duplex) covering an area of 330 sq m, he added.-TradeArabia News Service