Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud announced that it had sold 1M sqm of land west of “Kingdom Riyadh land” for SR250 per sqm to the Real Estate Investment Company Ltd. (one of its subsidiaries, 38.89% owned by KHC) for the development of the second “Kingdom City” as the first “Kingdom City” was opened in 1999 and has 100% occupancy. On the east end of the “Kingdom Riyadh land” is “Kingdom Oasis” which has a main and complete infrastructure where a hotel will be developed and announced very soon.
On February 9th, 2011, KHC announced that Omrania were awarded the design of the master plan design and infrastructure of “Kingdom Riyadh Land” that is16M sqm.
Prince Alwaleed: “Our Saudi real estate projects are solid anchors for Kingdom Holding’s profitability.”
Eng. Talal Almaiman, Executive Director for Development and Domestic Investments: “This step is aimed at broadening the activities of the Real Estate Investment Company Ltd. to benefit from its marketing and operations’ ability as it owns and operates “Kingdom City” residential compound in Riyadh.”
Moreover, there are currently 500 families on the waiting list for the first “Kingdom City”. In addition, following a comprehensive study of market and the economic implication of the project, Real Estate Investment Company Ltd. has acquired a loan from Banque Saudi Fransi to finance the second “Kingdom City”.
Furthermore, the second “Kingdom City” will be developed to provide increased facilities for residents, to benefit from the infrastructure and other planned projects by the developers with co-operation with the concerned parties.