28/11/2019 – News / Real Estate / Shopping Centre / Al Akaria / Triple Five Worldwide / Saudi Arabia
SRECO and Arabian Dream announce $5bn Riyadh mixed-use mega project
Al Akaria Saudi Real Estate Company (SRECO) – one of the largest publicly listed real estate developers on the Saudi stock exchange (Tadawul) – has announced an initial collaboration with Arabian Dream (owned by developer Triple Five Worldwide) to develop a multi-billion-dollar mixed-use entertainment and shopping centre project in Akaria’s Al Widyan site in Riyadh’s northern growth corridor.
Spanning over seven square kilometres and costing an estimated US$5bn (SAR 18.7bn), the project will be the largest development of its kind in the world, according to SRECO.
Al Widyan is the first private development to have the status of a self-regulating authority ‘and the first to bring together the transformative principles of Vision 2030 with the concept of wellness in the built environment’, according to information issues by the development company.
A half-million square metre Central Park forms the city’s spine, around which are connected and walkable districts of entertainment, retail, health and education facilities, homes and offices.
Phase 1 to launch in H1 2020
Phase 1 of the project is expected to launch in the first half of 2020. Once completed, the project will comprise theme parks, water parks, retail dining, shopping centres, and other recreational and sports facilities, alongside artificial intelligence technologies to create an engaging experience for visitors.
“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,” remarked Aiman Mudaifer, chairman of SRECO. “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, Jason Lucas, VP of Triple Five and CEO of Arabian Dream, said the new project would have components of their other successful tourist destinations, yet added that in this new global destination “guests will experience them all in a safe indoor environment – all combined, in one place, under one roof”.
Once completed, the community will be the site of 20,000 homes and 140,000 jobs, providing ‘a high quality of life and an ideal work/life balance for its 120,000 residents’, according to an Al Widyan spokesperson.