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- Development in line with Government ambitions of making the capital one of the 10 largest economic cities in the world
Jeddah, KSA –SEDCO Holding announced that it has entered a partnership agreement with Hamad M. AlMousa Real Estate Co to develop a 1.9 million square meter land plot in Al Qadisiyah, north of Riyadh. The Company’s latest investment is part of its real estate strategy to focus on Riyadh as a key business, commercial and residential hub and is in line with KSA Vision 2030 to advance the development of the capital and double its population by 2030 to become one of the 10 largest economic cities in the world.
The land development project, which is strategically located north of Riyadh in Al Qadisyah district, is in proximity to King Khalid International Airport and connected to main roads and key transportation networks. The land development will be carried out in multiple phases, with the master plan being subdivided into plots for sale and creating subsequent crucial infrastructure.
This partnership was signed in an official ceremony in the presence of Sheikh Saleh Salem bin Mahfouz, Chairman of the Board of Directors of SEDCO Holding, Sheikh Hamad bin Mohammed Al-Mousa, Chairman and General Manager of Hamad Mohammed Al-Mousa Investment and Real Estate Development Company, Mr. Hassan Al-Jabri, CEO of SEDCO Holding and Eng. Zuhair Hamza, CEO of SEDCO Development.
Hassan Al-Jabri, CEO of SEDCO Holding, said “We are pleased to contribute to the development of an important real estate project in Riyadh in one of the city’s fast growing and strategic areas. Our ambitions are aligned with that of the Kingdom’s Vision 2030 in the real estate sector to create long term value, increase supply of quality real estate developments and to achieve economic diversification. We are confident that our partnership with Hamad M. AlMousa Real Estate Company will have a significant ensure timely completion of the project.”
An ambitious plan has been designed by the Kingdom’s leadership to make Riyadh one of the 10 largest city economies in the world, up from its current position at 40. The city’s growth will see its residents increase from a current 7.5 million today to 15-20 million in 2030. SEDCO Holding is looking to increase its real estate investment in Riyadh and expects the market to perform strongly in coming years.
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© Press Release 2021
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