Local real estate developer Benaa al-Kawaedhas announced plans for an estimated SR 2,000 million ($533 million) new mall project in Riyadh. Called Benaa City, the scheme will be the first of three Benaa al-Kawaed plans to build in the kingdom.

The development, located on King Fahd road, will cover an area of 380,000 square metres, and a built-up area of more than 700,000 square metres. The project's central element will be a five-storey shopping mall with space for more than 2,000 retail outlets, and a car park with space for 12,000 vehicles. The development also includes an exhibition centre, a covered 900-metre-long concourse, an office tower, and a five-star hotel.

The client is expected to issue tender documents for the various construction packages by the end of the year. International contractors will be invited to bid alongside local firms. The architectural consultant and project manager on the scheme is the local Abdullah al-Mohanna Engineering Consultant Office.

Benaa al-Kawaed says it plans to develop two identical projects in Dammam and Jeddah once construction starts on its Riyadh scheme. Investors will be invited to take a shareholding in the project companies, with Benaa al-Kawaed holding a 20 per cent stake.