According to the agreement, Al-Mal will set up a firm with SR5bn ($1.33bn) in capital to develop the city. The development is expected to be completed in 2025.
In August, Sagia said it was planning to bring in a second developer for the city, following concerns that the project was not progressing as hoped under the initial developer, the local Rakisa Holdings (MEED 8:8:08).
However, at the time, Abdullah Hameedadin, deputy general governor and head of economic cities at Sagia, said it did not intend to end its relationship with Rakisa.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.