The $1.6bn Al-Diriyah Festival City project in Riyadh, which will be jointly developed by the local Kayannat Real Estate and the UAEs Al-Futtaim Real Estate, is ready to move forward.
The main construction tender is expected in the final quarter of this year, says a spokesperson from Kayannat.
The spokesperson says the scheme has received final approvals from The High Commission for Riyadh Development (HCRD) and it is no longer facing any delays.
Al-Diriyah Festival City will be located near King Saud University and King Abdullah Financial District.
The project will be made up of a 250,000-square-metre shopping mall and a 500-room hotel, with the possibility of a theme park, although this is not confirmed, says the spokesperson.
US-based RTKL is currently carrying out designs for some parts of the scheme.
The project was initially announced in 2014, but faced significant delays.