Beirut (APD) - Riyadh-based Saudi Real Estate Company (Akaria) will start constructing its SR 280 million ($74.6 million) Al Akaria Plaza in Riyadh, the Saudi Stock Exchange (Tadawul) reported on Tuesday.
The commercial project will include three integrated buildings with a built up area of 405,492 square meters that will stretch for over a kilometer in length.
Akaria Plaza is expected to generate SR 59 million per year after being fully operational, the company announced on the Tadawul website.
Established in 1976, Akaria is a real estate developer that focuses on civil contracting, management and consultants of commercial and residential centers.
It undertook development of several residential and commercial projects in Riyadh, like the Diplomatic Region, Al Siteen Complex, Al Alya Compound and Rabieh Al Arabiah.
Akaria's share price improved by SR 1.50, or 2.1%, to SR 73 in Tuesday afternoon trading. Since the start of 2006, the share had lost 54.2% of its value when compared to its quote of SR 156.4 on January 2. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
