The local Rayadah Investment Company (RIC) has invited contractors to prequalify for a real estate scheme on the King Fahd road in Riyadh. Contractors have until 22 December to submit prequalification forms for the tender.

The project will have a built-up area of 268,383 square metres (sq m), and will contain three towers, retail units and related service facilities. The scheme will be located on King Fahad road in the Assahafa District, in the North of Riyadh. The development will be adjacent to the proposed Burj Rafal Tower, and will cover a total site area of 30,000 sq m.

The largest tower will have 38-stories and will have a total built-up area of 40,245 sq m. The second tower will have 30 stories and will have a total built up area of 30,398 sq m.  The third tower will have a total built-up-area of 20,836 sq m and will have 22 floors.

The retail units, ballrooms and related facilities will have a built-up area of 14,214 sq m and service areas will have a total built-up area of 6,702 sq m.

The Rayadah Investment Company (RIC) is the investment arm of the state-owned Public Pension Agency. It is the client for a much larger scheme located alongside King Fahd road north of Riyadh, the SR28bn King Abdullah Financial District (KAFD), which comprises several major commercial centres.

KAFD is located on a 1.6 million sq m site and will offer commercial and residential districts, along with hospitality, retail and recreational facilities. More than $6.2bn worth of construction contracts have already been awarded on the KAFD scheme, making it one of the largest megaprojects currently under construction in the kingdom.

RIC is also the client for the Information Technology & Communication Complex (ITCC) in the Nakheel district of Riyadh, the kingdom’s first dedicated information technology (IT) park. The park is being developed in two phases, with the first phase covering 500,000 square metres and phase two scheduled to cover a further 300,000 sq m.