RIYADH – Kingdom Holding Company (KHC), chaired by Prince Alwaleed Bin Talal, announced the signing of an agreement for the sale of a second land of the Kingdom Riyadh project located east of the Saudi capital, on Dec. 30, 2012 and had been set aside to be completed by other developers. The area to be developed was bought by Subul Development Co., a Jeddah-based company, for SR300 million. KHC will realize an estimated profit of approximately SR185 million from the sale. This is the second sale to Subul Development Co. following the earlier sale in September of 2012, which netted KHC SR144 million, the company said in a statement Sunday. Alwaleed said “Kingdom Holding's real estate projects are on the solid path of success for positive returns to shareholders.” Eng. Talal Al Maiman, Executive Director, Development and Domestic Investments, Chairman and CEO of Kingdom Real Estate Development Company (KRED), a board member and Investment Committee member of Kingdom Holding Company and Jeddah Economic Company (JEC), said “we are extremely pleased with the progress being made and our Company's ability to attract developers to invest in the Riyadh project. The cumulative sales amounted to SR550 million and net gains of SR329 million.” On Feb. 9, 2011, KHC announced that Omrania & Associates was awarded the contract for the master planning & infrastructure design for “Kingdom Oasis Riyadh Land,” a 16-million square-meter plot owned by the company on the Riyadh-Dammam Highway. The contract includes conducting traffic and environmental impact studies, as well as other studies required to complement and complete the Master Plan. They will also serve in the role of local master planner, including liaising with local authorities. In addition, Omrania will be carrying out the supervision of the infrastructure work on site expected to commence shortly. — SG
