The Kuwait-based Al-Mazaya Real Estate Development Company is to launch three mixed-used projects in Saudi Arabia with a total value of SR4bn ($1.1bn).
The residential and commercial projects will be located in Riyadh, and will cover an area of 150,000 square-metres. The company also plans to acquire a further plot of land measuring 750,000 square metres for future projects.
Al-Mazaya is to launch a Sharia’a-compliant real estate development company called Al-Mazaya KSA to develop the projects.
In addition to its planned projects in Saudi Arabia, Al-Mazaya is involved in a number of projects in Dubai, such as the Sky Gardens in Dubai International Financial Centre (DIFC) and Al-Liwan in Dubailand, as well as projects in Lebanon and Jordan.
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