Al Widyan

Al Akaria informed by authorities of studying Al Wedyan project redevelopment

Saudi Real Estate Co. (Al Akaria) was notified by the relevant authorities that its Al Wedyan project area located in the northwest of Riyadh city is under study for redevelopment, the company said in a statement to Tadawul on Sunday. However, the firm added that it does not yet have any details to determine the expected impact of the decision. Al Akaria will announce any relevant developments in due course, the statement noted. On August 2018, the real estate developer announced its plans for a 7 million square meter mixed-use development project, called Al Wedyan, at an estimated cost of SAR 10 billion for the first phase, according to data compiled by Argaam.

Saudi Arabia · 20 Mar 2021

Al Akaria unveils mixed-use development project in Riyadh

Saudi Real Estate Company (Al Akaria) on Monday announced its plans for a 7 million square meter mixed-use development project, called Al Wedyan, in Riyadh. The Tadawul-listed firm, which is partially owned by the Public Investment Fund (PIF), said the move is part of the company’s new business direction. The first phase of the construction is expected to cost SAR10 billion. Construction work on the project began in 2017 with transportation and traffic impact studies completed and approved, Al Akaria said in a statement. A full launch is expected in Q4 2018, with a total timeframe of seven years. The project will be delivered over a phased program of development, it added. The developer has also already signed a number of MoUs with commercial partners, and the company is in talks with other potential Saudi and international partner. “Al Wedyan is the first private real estate project to be granted the status of a Self-Regulatory Office (SRO), which de-risks the project for investors, reduces complexity in the development phase and fast tracks permit services,” the statement said. Al Akaria has also registered a company, called Al Wedyan Co., to execute the project. The Saudi developer recently appointed Mamdouh Saud Al Sharhan as its new chief executive officer, following the resignation of Abdullah bin Ibrahim Saad Al Ayadhi.

Saudi Arabia · 5 Aug 2018

Al Akaria to launch Al Wedyan’s first phase in 2020, says CEO

The Saudi Real Estate Co.’s (Al Akaria) new project Al Wedyan marks a new direction for the company by which it turns from small and medium projects to mega projects, Chairman Abdul Rahman Al Mofadhi told CNBC Arabia. The project has been designed by the best international design firms, yet it maintains the Saudi Arabian philosophy, he said. The project was given full authority to run its administrative matters, including land distribution, building ratios, permits, licenses and municipal affairs, which will reduce any risks and attract investors to the project. The basic works and infrastructure started in the project six months ago, and its first phase is expected to be launched in 2020, he added. According to data compiled by Argaam, the Ministry of Commerce and Investment approved in July the set-up of Al Wedyan Real Estate Company, which is solely owned by Al Akaria, with a SAR 1 billion capital. The residential project is located in Al-Malqa district in Riyadh over a total area of 7 million square meters. It will comprise residential areas for apartments and villas, a central park, an entertainment center, hotels, a shopping mall and education facilities.

Saudi Arabia · 5 Aug 2018

Al Akaria’s new project likely to cost SAR 38 bln, says CEO

The Al Wedyan project’s total cost is expected to reach SAR 37.5 billion ($10 billion) upon completion, Mamdouh Al Sharhan, chief executive of Saudi Real Estate Co. (Al Akaria), told Al-Arabiya TV on Sunday. The new mixed-use development will comprise between 17,000 and 20,000 residential units - 60 percent of its total area, along with other entertainment services. Al Akaria is studying to offer closed areas in the new development, after receiving bids from various entities. Meanwhile, the company is looking into a wide range of financing options ahead of launching a roadshow for foreign and local investors, Al Sharhan said. “Al Akaria is in talks with some investors on available investment opportunities and options,” he added. An agreement was reached with the company’s financial advisor, Alinma Capital, to select the partners and instruments for each industry within the project. Al Wedyan’s infrastructure services will be financed by Al Akaria, Al Sharhan said. The company’s wholly owned subsidiary Al Wedyan Real Estate Co. signed today an agreement worth SAR 1.1 billion with Saudi Real Estate for Infrastructure Co. (Binya) to implement all the infrastructure works at Al Wedyan project, Argaam reported.

Saudi Arabia · 5 Aug 2018

Al Akaria’s subsidiary inks SAR 1.1 bln infrastructure deal with Binya

Saudi Real Estate Co.’s (Al Akaria) wholly owned subsidiary Al Wedyan Real Estate Co. has signed an agreement worth SAR 1.1 billion with Saudi Real Estate for Infrastructure Co. (Binya) to implement all the infrastructure works of Al Wedyan project, the firm said in a statement to Tadawul today. The contract involves building roads, landscape and water, electricity, communications and irrigation networks. Commenting on the deal, Al Akaria’s Chairman Abdulrahman Al Mofadhi said: “This is a huge multi-use project and we are confident that Binya is capable of carrying out the infrastructure work with the highest quality standards.” The deal is expected to create 2,000 job opportunities, of which Saudis will occupy the majority positions, he added. Binya is 60-percent owned by Al Akaria, while Mohammed Ali Al Swailem Group (MASCO) owns the remaining 40 percent. According to data compiled by Argaam, the Ministry of Commerce and Investment approved in July the set-up of Al Wedyan Real Estate Co. with a SAR 1 billion capital. In October, Al Akaria launched the residential project, which is located in Al-Malqa district in Riyadh over a total area of 7 million square meters.

Saudi Arabia · 5 Aug 2018