Saudi developer Dar Al Arkan has signed an agreement with Madinat Al Wouroud Housing Development company to jointly develop a 3.7 billion Saudi riyal ($986 million) eco-friendly residential project in Taif in the Southwest of Saudi Arabia.
 
The developer said in a statement that the project would be developed over an area of one million square metres, and offer premium residential units ranging from apartments, villas, and townhouses to commercial facilities and amenities.
 
The development work is due to begin in the first quarter of 2022 and is expected to be completed within four years, the statement said.  
 
Yousef Al Shelash, Chairman, Dar Al-Arkan Real Estate Development Company, said: "We are delighted to be partnering with Madinat Al Wouroud Housing Development, a company experienced in developing and managing high-quality residential communities, to deliver this unique project for the residents of Taif and the citizens of Saudi Arabia. In full appreciation of Taif’s natural elements, Dar Al Arkan will ensure that the new project is environmentally friendly. We expect to see high demand for this project in one of the most desirable cities in the Kingdom and Saudi Arabia's unofficial summer capital to enjoy the milder climate, it’s natural beauty and annual cultural festivals."
 
Abdul Kader Obeikan, Chairman, Board of Directors, said: "This partnership provides Obaikan and Dar Al Arkan with a remarkable opportunity to combine our extensive expertise in real estate development. Dar Al Arkan has an outstanding reputation and track record and will be an excellent partner to promote Taif as a desirable destination for Saudis."
 
(Writing by SA Kader; Editing by Anoop Menon)
 
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