Exclusive: Megaprojects for Jeddah and Al Khobar

Rayadah Investment Company head of real estate investments Saud Al Malag

Saudi Arabia’s Rayadah Investment Company is in the early stages of developing two new mega projects located in Jeddah and Al Khobar, according its head of real estate investments Saud Al Malag.

As the real estate investment arm of the government’s Public Pension Agency (PPA), Rayadah is best known for its multi-billion dollar King Abdullah Financial District and the Information Technology and Communication Complex developments under construction in Riyadh.

In an exclusive interview with Construction Week, Al Malag said a master plan for the “Jeddah Project” was currently with the Jeddah Municipality for approval, after which they will go to tender for the infrastructure.

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The mixed use project will cover 2.6 million square metres and include 10,000 housing units and a business park to address the logistic service needs of the nearby King Abdul Aziz International Airport.

Al Malag said they are currently working on the business model for the housing units and waiting for a final cost of the project from cost-consultants. He said the project will be in the “billions-of-dollars”.

Meanwhile the company also has plans to develop an 800,000m2 plot of land in the eastern province city of Al Khobar.

“We are going to start doing the master plan for this soon, until now we don’t know what type of project it will be,” said Al Malag.

“Part of the current scope of work is to study the best use of this land and then we will commence the master plan. We have already sent invitations to the designers and some international consultants.

“Whatever we choose to do, this project is definitely going to be a landmark project for the eastern area.”

As part of the PPA, Al Malag said Rayadah’s main goals were to help generate income to pay for pensions, as well as get into projects that will significantly add value to the country.
 

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