Saudi's Al Akaria, Arabian Dream announce $5bn mixed-use project
The 7km2 mixed-use entertainment and shopping centre project in Akaria’s Al Widyan site will be the largest of its kind
Saudi stock exchange-listed (Tadawul) developer Al Akaria Saudi Real Estate Company has announced an initial collaboration with Arabian Dream – owned by developer Triple Five Worldwide – to develop a $5bn (SAR18.7bn) mixed-use entertainment and shopping centre project in Akaria’s Al Widyan site in Riyadh.
The project will be spread over 7km2, which the company says will be the world’s largest development of its kind, with the first phase expected to launch in H1 2020.
The destination, which is in line with the Saudi Arabia Vision 2030, will comprise theme parks, water parks, retail dining, shopping centres, other recreational and sports facilities, as well as artificial intelligence technologies to create an interesting experience for visitors, once completed.
Commenting on the partnership, chairman of Saudi Real Estate Company, Aiman Mudaifer, said: “We are very proud to partner with Arabian Dream and Triple Five on the development of a mega leisure and entertainment destination at our Al Widyan project site. With the proven track record of Triple Five in developing such projects and creating new experiences for its visitors, we are confident that once completed, it will become a new destination for residents of Riyadh and visitors to Saudi Arabia.”
Speaking about the initial collaboration, vice president of Triple Five and chief executive officer of Arabian Dream, Jason Lucas, said: “Arabian Dream will have components of their other successful tourist destinations, but in this global destination, guests will experience them all in a safe indoor environment all combined in one place under one roof.”