Saudi's Dar Al Arkan awaits approval of Shams Ar Riyadh masterplans
The developer has submitted a request for three 194ha zones to Saudi Arabia's Etmam
Saudi Arabia-based property developer Dar Al Arkan has sought accreditation for three real estate projects within the Shams Ar Riyadh development in Riyadh City.
According to a statement, the group submitted its request for three zones, totaling an area of almost 194ha, to the Developers Services Centre (Etmam) at the Saudi Ministry of Housing.
Zone 1 of the $2.6bn (SAR10bn) Shams Ar Riyadh mixed-use development will be built over 85ha, with the masterplans for Zones 3 and 5 covering 45ha and 64ha respectively.
Dar Al Arkan has also applied for an off-plan sales licence for projects under construction at Shams Ar Riyadh, comprising residential, commercial, and mixed-use spaces, gardens, parks, and walkways.
Speaking on the news, Yousef Bin Abdullah Al Shelash, chairman of Dar Al Arkan Development, said: “We are confident that with the introduction of Etmam, the overall approval for new projects will be accelerated to the benefit of all developers and stakeholders.
“This step will further shape the development of Shams Ar Riyadh to support a thriving residential and business community. Working together with Etmam, we can transform the new zones into distinct holistic, sustainable communities with active and vibrant lifestyles.”
The accreditation, Dar Al Arkan added, follows on from the Sabic Residential Complex which is on track to complete with 600 residential units. The development is a result of a strategic partnership with Shams Ar Riyadh and Saudi Basic Industries Corporation, also known as Sabic.
May 2018 also saw the developer, in partnership with luxury Italian fashion house Roberto Cavalli, announce the launch of its $160m (SR600m) Mirabilia residential villas at Shams Ar Riyadh.