(MENAFN) Dubai Investments signed a joint venture partnership with RED House, a Saudi-Lebanese real estate firm, to manage projects in Saudi Arabia, Arabian Business reported.
The joint venture company's first project in Riyadh will be to build an integrated industrial park along similar lines of Dubai Investments Park, Dubai Investments said in a statement.
The firm said that plans for Riyadh Investment Park, which will spread across approximately 11 million square meters and will be developed in two phases, will be disclosed soon.
The project is set to feature warehouses, commercial showrooms, labor amenities, offices and other logistics facilities similar to Dubai Investments Park and the largest integrated commercial.
"The decision to launch a joint venture company in Saudi Arabia is a major step forward in our journey to expand our international operations," the managing director and CEO of Dubai Investments said in a statement.
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