Saudi Arabia-listed Dur Hospitality Company has awarded an 82.5 million Saudi riyal ($22m) contract to Al Murshid Contracting Group for the construction of a luxury residential compound in Riyadh, amid a rise in demand for high-end properties in the kingdom's capital.
The 18-month contract covers construction, finishing and electromechanical work on 75 "smart" villas located near the northern gate of the diplomatic quarter in Riyadh and close to some of the major government authorities and departments, Dur Hospitality said in a filing to the Saudi stock exchange (Tadawul) on Wednesday.
"The expected positive financial results of the project will start from the third quarter of 2023," the company said.
Saudi Arabia is working on a development plan to transform Riyadh into a major global city economy by 2030.
As part of the strategy, the kingdom aims to grow the capital into one of the top 10 city economies globally, doubling its population to 15-20 million, while increasing the number of visitors to more than 40 million by 2030, the Royal Commission for Riyadh City has said.
Authorities will finalise the Riyadh 2030 development strategy next year, the Saudi Press Agency reported on Tuesday.
Riyadh-based Dur Hospitality, which was established in the 1970s, has a market capitalisation of 31.5 billion riyals, figures compiled by Tadawul show.
The luxury villas project will be financed through Islamic credit facilities known as Tawarruq, Dur Hospitality said, adding that construction will take place on land owned by the company on Riyadh's King Khalid road.
Meanwhile, the Riyadh 2030 strategy will be carried out through 26 sectoral programmes, including more than 100 initiatives and 700 pioneer projects across sectors and in different parts of the city, aimed at transforming the city into one of the most liveable places in the world.
Several new projects are under way in Riyadh. New developments include the $20bn Diriyah Gate Project with 20,000 housing units, $17bn King Salman Park community with 12,000 units as well as an $8bn mega entertainment project, called Qiddiyah, consultancy Knight Frank said in a report in August.
Other schemes include the $7.8bn King Abdullah Financial District, $3.2bn Mall of Saudi being developed by the UAE’s Majid Al Futtaim Group and The Avenues Mall.
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
