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.