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.