Al Akaria Saudi, Arabian Dream to develop $5bn mixed-use project

WCN Editorial Team 4 Nov 2019 MIDDLE EAST BUILDINGS

Saudi Arabia-based Al Akaria Saudi Real Estate Company has partnered with Arabian Dream KSA, which is principally owned by Triple Five Worldwide, to develop what it claims to be the world’s largest mixed-use entertainment and shopping centre development in Riyadh.

Planned to be developed with an investment of $5bn, the mixed-use development will be built within the Al Widyan masterplan, which is 100% owned and being developed by Al Akaria.

The new destination will feature theme parks, water parks, recreational and sports facilities, retail dining, shopping centres and hospitality components integrated with the latest artificial intelligence technology.

Saudi Real Estate Company chairman Aiman Mudaifer said: “We are very proud to partner with Arabian Dream and Triple Five on the development of a mega leisure and entertainment destination at our Al Widyan project site.

“With the proven track record of Triple Five in developing such projects and creating new experiences for its visitors, we are confident that once completed, it will become a new destination for residents of Riyadh and visitors to Saudi Arabia.

“Through this project, we are also proud to play an active role in contributing towards Saudi Arabia’s Vision 2030.”

Spread over seven million m², the Al Widyan masterplan is being developed as a fully-integrated mixed-use development and leisure destination, combining a blend of carefully planned lifestyle, commercial and entertainment districts and clusters.

The first phase of the Al Widyan project is planned to be launched in the first half of 2020.

Saudi Real Estate Company CEO Kelvin Kwok said: “Al Widyan is the largest project in our portfolio. This collaboration with Arabian Dream aims to bring a unique leisure and entertainment experience to its residents, visitors and tourists. This project is a testament of Al Akaria’s ambition to deliver world class developments.

Arabian Dream chief executive officer and Triple Five vice-president Jason Lucas said: “Arabian Dream will have components of their other successful tourist destinations, but in this global destination, guests will experience them all in a safe indoor environment all combined in one place under one roof.”

Image: Officials from Al Akaria Saudi Real Estate Company and Arabian Dream among others. Photo: courtesy of Al-akaria Company.

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