Saturday 29 February 2020

US consortium to develop giant mixed-use project in Riyadh

RIYADH, March 25, 2018

Chicago-based consortium Global Business Ventures (GBV) has announced plans to build a multibillion-dollar, mixed-use development that could bring as many as 25,000 housing units and 1 million sq ft of commercial space to three sites north of Riyadh, Saudi Arabia.

A consortium of US and Saudi Arabian business leaders dedicated to planning and executing large-scale community developments that align with the Saudi Vision 2030 plan, Global Business Ventures currently has the three parcels under contract. Together, they comprise more than 9.75 million sq m of land area.

Led by chairman Randall Langer, GBV comprises a team of US and Saudi business leaders whose combined experience spans various fields, including real estate development, finance, and architecture and design.

In partnership with the Saudi Arabian General Investment Authority (Sagia), local landowners and other stakeholders, GBV is pursuing next-generation developments that seek to fulfil Saudi Arabia’s Vision 2030 plan.

Langer recently joined officials from the US Chamber of Commerce and Sagia in Washington, DC, for a presentation of a Sagia business licence – the first step towards the development of the planned multibillion-dollar, mixed-use project.

“We are delighted to award this licence and look forward to welcoming Global Business Ventures to Saudi Arabia,” remarked Ibrahim Al Omar, the governor of Sagia.

"The unprecedented programme of reforms being implemented in Saudi Arabia is unlocking an exciting range of opportunities for investors in the Middle East’s largest economy," he stated.

"One of Sagia’s strategic goals is to act as an advocate for investors, enable them to invest, and establish their businesses in Saudi Arabia," observed Al Omar.

“In its efforts to ease licences procedures, Sagia has extended the licence period for foreign investment from one year to a period of up to five years, renewable,” he added.

A member of both the US Chamber of Commerce and GCC, Global Business Ventures has retained two global commercial real estate firms to conduct site evaluation and feasibility studies.

The pre-development design process, led by GBV master architect Scott Sarver of Chicago-based smdp, is currently under way, with the goal of creating a next-generation development that realises the shared vision of Sagia and the GBV team.

When complete, it will create a live-work-play community that is both affordable to Saudi citizens and sustainable.

On the new licence, Langer said: "We welcome the opportunity presented to GBV by Sagia and the government of Saudi Arabia to assemble a consortium of the world’s finest companies to provide new and innovative housing projects to the kingdom."

“Sagia’s outstanding support of our investments extends across all of the ministries to whom they have introduced us. It is very refreshing to be working with such a collaborative, forward-looking group of government and business leaders who firmly believe in the Vision 2030 plan,” he added.

Steve Lutes, the vice-president of Middle East Affairs at the US Chamber of Commerce, said: "Receiving the licence from Sagia’s governor is an important step forward for GBV."

"It demonstrates their commitment to doing business and growing in the kingdom. At the US Chamber, we hope more American companies will similarly deepen and expand their work in Saudi Arabia and pursue the vast opportunities made possible through the economic diversification of Vision 2030," he added.-TradeArabia News Service

Tags: Saudi | Chicago |

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