Raj Real Estate company (subsidiary of AL Rajhi United) and Baseel properties company, announced the signing of a joint venture to launch “Riyadh Walk”, a large-scale real estate commercial project that is designed to become the new destination for shopping, dining and leisure in the Kingdom of Saudi Arabia.
The signing was followed by a press conference on Tuesday, first of September 2015 at the Raj company.
Raj Real Estate and Baseel Properties will be investing an approximate amount of 1.2 billion Saudi riyals in developing “Riyadh Walk” project on an estimated area of 137 thousand square meters, with a 650 meters façade.
It is strategically located on the northern ring of Riyadh, only 3 km west of king Abdullah financial city, in the prestigious neighborhood of Al Nakheel.
Riyadh Walk’s unique plot is designed to guarantee a new shopping experience as the first lifestyle center in Saudi Arabia, with complete and integrated facilities. Similar to “the Grove” in Los Angeles, “Riyadh Walk” will offer an opportunity for residents and visitors of the city of Riyadh to enjoy the open – air mall experience.
Engineer Walid bin Saad Al-Haza, CEO Raj real estate Company, said: “This project is a prosperous addition to the real estate market, one of the fastest growing sectors in the Kingdom and a major contributor to the national economic growth, in light of the new economic diversification strategy adopted by the Saudi Government under the guidance of the Custodian of the Two Holy Mosques. Accordingly, this large mixed-use project that constitutes an integrated entity, represents an upgrade in national projects in terms of quality, size, and facilities, thus reflecting our deep confidence in the solid Saudi economy and its future.”
In addition to its real estate value and its vital location in the north of the capital, this project is a valuable addition to the retail, offices and hospitality markets, offering a harmonious balance of commercial market, restaurants and cafes with global and regional excellence, all in one place. In addition it incorporates a boutique hotel and offices as well as luxurious recreational and cultural areas, and of course the outstanding walk. “Riyadh walk” is intended to enrich the social life in Riyadh and become a gathering space for family and friends, where they can enjoy the integrated facilities within a modern and unique concept.
Dr. Ahmed bin Abdullah Bakarman, CEO of Baseel Properties Company also added: “This project is a major step towards upgrading the commercial mixed-use projects in the kingdom, through offering a unique product that fulfills the various family requirements in an attractive and innovative way providing an escape for visitors from different age segments, In addition to the hotel and offices services offered. “Riyadh Walk” is the latest innovation in the Real estate sector in Saudi Arabia, and we have already begun working on the site and planning to begin construction in January 2016.”