Saudi-based Abdullah Al Othaim Investment Company has unveiled its ambitious project - Konoz (Box of Treasures) - a SR7 billion ($1.86 billion) development in capital Riyadh featuring an entertainment city, a luxury hotel and premium residential offering in addition to commercial, F&B and retail outlets.

The project's name, inspired by the diverse array of gemstones, embodies the visual and architectural representation of gemstones in its various zones.

It has been designed by leading global architectural firm Benoy, which has over 75 years of experience in designing multi-use projects and implementing the latest construction technologies, said the statement from the company.

Spread over a 50,000 sq m area, the project will boast cutting-edge commercial offices, retail and F&B outlets in addition to a 20,000-sq-m entertainment city, a luxury hotel and serviced apartments, as well as premium residential offering with ample green space making it a top destination for tourism and entertainment, it added.

Speaking at the launch, Group Chairman Abdullah bin Saleh Al Othaim, said it was in line with the comprehensive Riyadh Strategy, which aims to transform the city into a hub for investment, innovation, and tourism.

"The unveiling of Konoz in the capital city of Riyadh is an indication of the city's drive towards becoming a global hub, he noted.

Group CEO Meshaal Bin Omairh pointed out that Konoz aligns with the company's vision of developing modern and innovative projects in a strategic locations across Riyadh to create a premier destination, enhance the quality of life in the city and to create jobs.

It features 15,000 sq m of green areas, parking for 5,500 vehicles, a 120,000 sq m commercial centre, a 250-key world-class luxury hotel and 120 serviced residential apartments as well as 700-unit residential apartment complex .

"The project underscores the company's expansion strategy to solidify its status as a leader in large-scale development initiatives," noted Bin Omairh.

"It embodies the ongoing growth and development taking place in Riyadh and Saudi Arabia, driven by the country's Vision 2030, which aims to transform the nation into a sustainable and diverse economy," he added.

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