Riyadh's $1.6 bln Festival City project approved

The $1.6 billion Al-Diriyah Festival City project has received final approval from The High Commission for Riyadh Development and will proceed without any further delays, MEED reported, citing a spokesperson for Kayannat Real Estate. UAE’s Al-Futtaim Real Estate and Riyadh-based Kayannat will jointly develop the project. The main construction tender is expected in Q4-2016. A 250,000-square-meter shopping mall and a 500-room hotel are planned for the site, which is located near King Saud University and King Abdullah Financial District, the spokesperson said. A theme park is possible, but has not yet been confirmed. The project has been delayed since it was first announced in 2014.

11 May 2016