Saudi Arabia's Al Raj and Bissell Real Estate have announced the construction of the tallest open-air complex that will include shopping malls, commercial and administrative offices, and restaurants at a cost of 320 million dollars (SAR 1.2 billion), with construction to begin in early 2016.
The Riyadh Walk will be built on 13.7 hectares (1,000,000 square meters) in the Saudi capital Riyadh. <The project, called The Riyadh Walk, will be built on an area of 13.7 hectares (137,000 square meters) in the Saudi capital, Riyadh. The project will include a 650-meter-long main façade. The Riyadh Walk is very similar to The Grove in Los Angeles in the United States.
The Riyadh Walk will be constructed on Riyadh's northern ring road, 3 kilometers west of King Abdullah Financial City, in the Al Nakheel neighborhood. The new project will allow visitors and shoppers to enjoy a new and unique outdoor shopping experience. Although the project is dedicated to international companies and projects, it will include venues for events and festivals throughout the year, international and local restaurants and cafes, a boutique hotel, luxury office space, entertainment and cultural venues, and a walkway for individuals and families, making the Riyadh Mamsha project one of the most important places for visitors and shoppers in Saudi Arabia.
The Riyadh Mamsha project is a collaboration between the Riyadh Mamsha Company and the Kingdom's leading financial services provider, Riyadh Mamsha. Al Raj Properties, a subsidiary of Al Rajhi United Group, and Bcell Real Estate are collaborating on the design and implementation of this project. The project agreement was signed between Waleed bin Saad Al Hazzaa, CEO of Al Raj Properties, and Ahmed bin Abdullah Bakerman, CEO of Bcell, at Al Rajhi United's headquarters in Riyadh.
Al Hazzaa said. <"This project is a prosperous addition to the Saudi real estate market, which is one of the fastest growing sectors in the Kingdom and a major contributor to the growth of its national economy, in light of the new strategy of economic diversification adopted by the Saudi government under the guidance of the Custodian of the Two Holy Mosques King Salman," said Al Hazzaa. "In addition to the value of the project and its vital location in the north of the capital, this project will be a valuable addition to the retail, office and hospitality markets and sectors."
Al Hazzaa added.
