The Saudi Real Estate Company (Al-Aqaria), based in Riyadh, announced a multi-phase real estate project called “Al-Wadiyan,” which will be built in the capital city of Riyadh on a 7 million-square-meter site at a cost of 10 billion riyals for the first phase.

Abdulrahman Al-Mufadi, Chairman of the Board of Directors of the Real Estate Company, explained that the Al-Wadiyan project will be a new model for community life, and will embody the new spirit of the Kingdom of Saudi Arabia, as well as the capacity of human talent to develop and shape the future we aspire to create for our children, our communities, and our nation, noting that the project is a practical application of the future of construction and living in a healthy, creative environment, as its design aligns with the principles of a healthy lifestyle in real estate projects, in collaboration with key partners and investors.

Al-Wadiyan is the first private real estate development project to achieve administrative and regulatory autonomy through a self-regulatory office with municipal and urban planning powers, which reduces the project risks that investors may face, It also reduces the level of interference and obstacles during the development phase and expedites the process of obtaining services and permits, and will enable both primary and secondary real estate developers to access the market more quickly, making the project an attractive investment destination characterized by fast and efficient procedures, without the need for review by government agencies.

The project aims to reduce energy consumption by 40% and water consumption by 35%, The project will be implemented in phases as part of the development program and is expected to be completed over seven years, with a full launch scheduled for the fourth quarter of 2018.