Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- KHC sells part of Riyadh land for SR 250 million  Join our daily free Newsletter

MENAFN - Arab News - 11/10/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab News) Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced the signing of the agreement for the sale of part of Kingdom Riyadh Land located east of Riyadh on Sept. 30. The area to be developed was bought by Subul Development Co. for SR 250 million. The estimated profit from the sale is SR 143.7 million.

Prince Alwaleed said: "The estimated net profit from the sale is SR 144 million."

On Feb. 9, 2011, KHC announced that Omrania & Associates was awarded the contract for the master planning and infrastructure design for Kingdom Oasis Riyadh Land, a 16-million square-meter plot owned by the company on the Riyadh-Dammam Highway.

The contract includes conducting traffic and environmental impact studies, as well as other studies required to complement and complete the Master Plan. They will also serve in the role of local master planner, including liaising with local authorities. In addition, Omrania will be carrying out the supervision of the infrastructure work on site expected to commence shortly.

Hart Howerton was awarded the design of the master plan for the 3.8-million-square-meter Kingdom Oasis Riyadh Land at the eastern side of the land. As part of their scope of work, Howerton will produce concept architectural studies for the hotel, Gentleman's Retreat, Women's Spa and Branded Villas. The preliminary master plan was submitted to Riyadh Municipality and Howerton has addressed their comments. Kingdom Oasis will also include a second Four Seasons Hotel and Resort in Riyadh. The hotel will be taking advantage of a 75,000 m2 manmade lake with a magnificent waterfront and lush green areas surrounding it. The design will have its roots in the Arab architectural tradition, with more relaxed elements in a Mediterranean resort style.

KHC is also leading the development of the second Kingdom City compound project in Riyadh that will be developed within the Oasis.

Moreover, KHC has signed an agreement with Saudi Telecom Company (STC) to provide telecom infrastructure for Kingdom Riyadh Land. The agreement sets the foundation for establishing a smart city based on information and communication technology.


  MENA News Headlines




Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help