Economy and Development Council has been working on supporting the residential sector lately, especially after issuing the New Year’s balance in December 2015 as a number of sovereign funds established a real estate development company with a capital of 18 billion SAR.
The General Investment Fund has assigned Central Riyadh development to the new company in cooperating with the entitled bodies in Riyadh like Riyadh Development Aurhority and the municipality.
Central Riyadh sprawls on 15 square kilometers split into 15 old neighborhoods. The company targets expropriating the old districts’ ownerships which value about 2 billion SAR.
The ministry will have also a share in the new location after the expropriation process and will carry out the district’s restructure and rebuilding the infrastructure, in addition to focusing on multi-floor building and restudying building labs.