Al Akaria’s new project likely to cost SAR 38 bln, says CEO

The Al Wedyan project’s total cost is expected to reach SAR 37.5 billion ($10 billion) upon completion, Mamdouh Al Sharhan, chief executive of Saudi Real Estate Co. (Al Akaria), told Al-Arabiya TV on Sunday.

The new mixed-use development will comprise between 17,000 and 20,000 residential units - 60 percent of its total area, along with other entertainment services.

Al Akaria is studying to offer closed areas in the new development, after receiving bids from various entities.

Meanwhile, the company is looking into a wide range of financing options ahead of launching a roadshow for foreign and local investors, Al Sharhan said.

“Al Akaria is in talks with some investors on available investment opportunities and options,” he added.

An agreement was reached with the company’s financial advisor, Alinma Capital, to select the partners and instruments for each industry within the project.

Al Wedyan’s infrastructure services will be financed by Al Akaria, Al Sharhan said. 

The company’s wholly owned subsidiary Al Wedyan Real Estate Co. signed today an agreement worth SAR 1.1 billion with Saudi Real Estate for Infrastructure Co. (Binya) to implement all the infrastructure works at Al Wedyan project, Argaam reported.