Feb 01 2012 |
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Kingdom Holding expects promising returns from Riyadh mega project
RYADH: Kingdom Holding Company ( KHC ) chaired by Prince Alwaleed bin Talal has announced the commencement of the construction of "Kingdom Riyadh Land," a real estate Riyadh project.Prince Alwaleed commented: "Riyadh mega project will bring promising returns to Kingdom Holding investors. Our Saudi real estate projects are solid anchors for Kingdom Holding 's continuing profitability."
On Feb. 9, 2011, KHC announced that Omrania were awarded the design of the master plan design and infrastructure of "Kingdom Riyadh Land" that is 16M sqm. Also the contract includes provisional sums for traffic and environmental studies. As part of their service, Omrania's contract includes the coordination and approval of all master planning elements, engaging and managing the traffic impact study and environmental impact assessment sub-consultants and other studies required to complement and complete the Master Plan in the role of the local master planner, including all liaison with local authorities. In addition, Omrania will be carrying out the supervision of the infrastructure work on site at the pre-agreed rates contained in the award memo.
Talal Almaiman, executive director for Development and Domestic Investments, said: "This strategic step is aimed at broadening the activities of the Real Estate Investment Company, Ltd. (REIC) to benefit from its marketing and operations' ability." REIC owns and operates "Kingdom City" residential compound in Riyadh.
© Arab News 2012
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