Feb 07 2012 |
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Kingdom Center set for SR43.8m expansion
RIYADH: The Kingdom Holding Company ( KHC ), chaired by Prince Alwaleed bin Talal, has announced the SR43.8 million expansion of Kingdom Center Company Ltd. (Trade Center).
It is chaired by Talal Ibrahim Al-Maiman, executive director for development and domestic investments and KHC board member.
KHC holds a 36 percent interest in Kingdom Center.
Talal Al-Maiman said: "The total area of the expansion is 13,550 square meters and the annual return on investment is approximately 35 percent."
The expansion also includes common area and service facilities making up the 13,550 square meters expansion.
The Kingdom Center was completed in 2002.
The Kingdom Center is an iconic building and one of Saudi Arabia's most identifiable landmarks.
The Kingdom Center, which occupies 94,230 square meters of land, comprises the Al-Mamlaka shopping mall, considered to be one of Riyadh's most prestigious shopping malls, and a 300-meter office tower which was, when built, will become the tallest building in the Middle East.
Moreover, KHC recently announced the Four Seasons Hotel Riyadh expansion project, currently under development.
The 48th floor will be converted into two floors "48th and 50th floors" with 44 premium category of guest rooms and suites, a check-in desk on the 48th floor, as well as the services of a dedicated concierge staff. The expansion also includes a panoramic elevator, a 90 sqm Executive Lounge and a unique butler service.
The Kingdom Suite will be the "Signature Suite" of the hotel situated on both floors (duplex) covering an area of 330 sqm.
Kingdom Center was constructed to be a multi-purpose project.
The eastern wing of the project includes world-famous brands that were chosen to suit particular local needs.
A number of fast-food restaurants occupy the middle area of the mall. The department stores occupy opposite ends of Al-Mamlakah Mall, while the rest of the stores occupy locations facing the vast areas allocated to the public.
They are interconnected by six pedestrian bridges. The open areas of the three commercial floors converge horizontally.
Those distinctive features have gained the Kingdom Center Project a number of awards.
© Arab News 2012
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