Investment company is buying land in Saudi Arabias capital for a major mixed-use development
- Al-Rajhi announces new mixed-use project
- Authorities keen on more residential projects
Local real estate investment firm Al-Rajhi United has completed a $160m deal to buy a plot of land in Riyadh to develop a mixed-use project.
The location of the project will be adjacent to the northern ring road in northwest Riyadh.
Details of the project are yet to be announced, but the companys chairman Fawaz Al-Rajhi said in a statement that it would be one of the largest real estate projects in the city.
As the kingdoms population continues to grow the authorities have been keen on ensuring residential projects are developed to help ease the countrys increasing housing problem in urban areas.
Authorities have been trying to tackle the residential issue across the country and in January, MEED reported that Saudi Arabias Housing Ministry plans to impose taxes on undeveloped land.
The ministry says the policy targets unused, privately owned land across the country that can be better used to solve the kingdoms housing problems.
While a topic of discussion for many years, it was not until September 2014 that the taxation measure was referred to the Supreme Economic Council for review.
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