Al Akaria Saudi Real Estate Company (Sreco), the Saudi-listed developer in which the kingdom’s wealth fund has a 65 per cent stake, plans to build a mixed-use “city” at a cost of 10 billion riyals (Dh3.43bn) for the first phase.
In a filing to the Tadawul on July 12, Sreco said it has established a fully owned subsidiary called Al Widyan Holding. This company will be responsible for developing the Al Widyan mega-project – although Sreco did not reveal the plans at the time.
"Al Widyan will be a new paradigm for community living in the kingdom and
embody the spirit of new Saudi Arabia," said Abdulrahman Almofadhi, chairman of Sreco.
Saudi Arabia Vision 2030 economic diversification strategy presents opportunities for public and private real estate companies to develope new projects to modernise the kingdom.
The government aims to increase Saudi home ownership to 70 per cent by 2030, from 47 per cent now.
Sreco is one of the biggest real estate companies listed on the Tadawul stock exchange with a market capitalisation of 3.5bn riyals. The Public Investment Fund holds a 65 per cent stake in the firm.
The city will span 7 million square metres of land in the northern growth corridor of Riyadh close to the airport.Al Widyan will be the first private real estate project in the kingdom granted the status of a self-regulating authority, or Self Regulatory Office (SRO), which is similar to a commercial free zone in other countries. Such a status de-risks the project for investors, fast-tracks permit services and removes other bureaucratic processes, Sreco said on Monday.
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Early construction work actually began in 2017, the company added, and several provisional agreements have been signed with prospective investors while other talks are ongoing.
Specific details of Al Widyan’s components are not yet publicly available, but Sreco said it would comprise a mix of leisure, retail, education, health care, office and residential uses. The project will seek a 40 per cent reduction in energy use compared to existing, similar-sized schemes, and a 35 per cent reduction in water use. The scheme will be officially launched in October and is expected to complete within seven years with a phased programme of development.
“With Al Widyan, we are taking a new approach to real estate development,” said Mr Almofadhi. “We have focused on putting people’s wellness at the centre of the conception, design and creation of this project.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
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Read more about the coronavirus
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
Mobile phone packages comparison
