Al Akaria Company, leading Saudi developer announced the signing of a partnership agreement with the National Housing Company, the investment arm of the Saudi Ministry of Housing, to help promote ownership among Saudi citizens.
Al Akaria Saudi Company said in a statement to the Saudi Stock Exchange, “Tadawul”, that the agreement aims to enable the Ministry’s beneficiaries to acquire ownership in Al Dhahia housing project, as one of the distinctive projects east Riyadh, which consists of 557 units, which is being developed over a 430,300 square meters.
The project is located in Al-Rimal neighborhood in the Saudi capital, only 25 minutes from the city center and near Princess Noura bint Abdul Rahman University, Imam Muhammad bin Saud University and King Khalid International Airport. Al Dhahia project is a semi-gated residential and commercial complex that brings a new style of integrated living to Riyadh by providing residential units with spaces varying between villas, duplexes, and commercial spaces in addition to integrated retail and entertainment facilities in one community. The project is expected to be completed during the second quarter of 2021.
The CEO of the Saudi Real Estate Company, Ibrahim bin Muhammad Al Alwan, affirmed the company’s commitment to the specific specifications set by the “National Housing” during the implementation period to build integrated communities that provide all the necessary services in one residential community and provide quality of life to the beneficiaries.
In terms of the company’s business results during the first 9 months of 2020, the company achieved net losses of 15.6 million riyals, compared to profits of 49 million riyals in the corresponding period of 2019.
Last year, Al Akaria teamed up with Arabian Dreams, which is primarily owned by Triple Five, to develop the world’s largest mixed-use entertainment mall of its kind in the Al Wadyan site in Riyadh.
Triple Five Worldwide is the owner and developer of the three largest retail and entertainment centers in North America – Mall of America, the American Dream, and West Edmonton Mall, according to a real estate statement.