Riyadh – Mubasher: Saudi Real Estate (Al Akaria) has said that Al Wedyan project’s value will stand at SAR 37.5 million ($10 billion) after completion, CEO Mamdouh Saud Al Sharhan stated.
The project’s infrastructure designs had been finished and delivered to the contractor who finalised groundworks, Al Sharhan added told Al Arabiya in an interview.
The CEO further noted that Al Wedyan offers health, recreation, and housing services, and includes between 17,000 to 20,000 residential units.
The Saudi official also indicated that investments in the project are through capital and debt instruments.
Earlier on Sunday, the Saudi real estate firm announced that its wholly-owned unit, Al Wedyan Saudi Real Estate, signed a SAR 1.1 billion deal with Saudi Real Estate for Infrastructure Co. (Binya) to carry out Al Wedyan project’s infrastructure.
In August, Al Akaria unveiled its plans to build the 7 million square metres Al Wedyan project in Almalqa region, which is set to be finished in seven years.
By 2:27 pm Saudi time, Al Akaria's stock increased by 4.52% to SAR 14.80.
