JEDDAH — Raj Real Estate company – a subsidiary of Al Rajhi United – and Baseel Properties Company, have signed on Tuesday (Sept. 1) a joint venture agreement to launch “Riyadh Walk”, a large-scale real estate commercial project that is designed to become the new destination for shopping, dining and leisure in the Kingdom of Saudi Arabia. The occasion was held at the headquarters of Rajhi United Company. Raj Real Estate and Baseel Properties will be investing approximately SR1.2 billion in developing “Riyadh Walk” project on an area of 137,000 square meters, with a 650 meters façade. It is strategically located on the northern ring of Riyadh, only 3 km west of King Abdullah Financial City, in the prestigious neighborhood of Al Nakheel. Riyadh Walk's unique plot is designed to guarantee a new shopping experience as the first lifestyle center in Saudi Arabia, with complete and integrated facilities. Similar to “The Grove” in Los Angeles, “Riyadh Walk” will offer an opportunity for residents and visitors in Riyadh to enjoy the open-air mall experience. Engineer Walid bin Saad Al-Haza, CEO, Raj Real Estate Company, said: "This project is a prosperous addition to the real estate market, one of the fastest growing sectors in the Kingdom and a major contributor to the national economic growth, in light of the new economic diversification strategy adopted by the Saudi government under the guidance of the Custodian of the Two Holy Mosques. Accordingly, this large mixed-use project that constitutes an integrated entity, represents an upgrade in national projects in terms of quality, size, and facilities, thus reflecting our deep confidence in the solid Saudi economy and its future.” In addition to its real estate value and its vital location in the north of the capital, this project is a valuable addition to the retail, offices and hospitality markets, offering a harmonious balance of commercial market, restaurants and cafes with global and regional excellence, all in one place. In addition, it incorporates a boutique hotel and offices as well as luxurious recreational and cultural areas, and of course the outstanding walk. “Riyadh Walk” is intended to enrich the social life in Riyadh and become a gathering space for family and friends, where they can enjoy the integrated facilities within a modern and unique concept. Dr. Ahmed bin Abdullah Bakarman, CEO of Baseel Properties Company, added: "This project is a major step toward upgrading the commercial mixed-use projects in the kingdom, through offering a unique product that fulfills the various family requirements in an attractive and innovative way providing an escape for visitors from different age segments, in addition to the hotel and offices services offered. “Riyadh Walk is the latest innovation in the Saudi real estate sector, and we have already begun working on the site and planning to begin construction in January 2016.” Raj Real Estate Company specializes in real investment and the development of residential, commercial, medical educational and industrial projects. It has real estate investments in most cities in Saudi Arabia in addition to the UAE, UK, Czech, and USA through its mother company Al Rajhi United. Baseel Properties Company is a real estate company that specializes in developing real estate projects in various sectors. It developed many real estate projects in the city of Riyadh in a short period, such as “The Riyadh Park” mall located on Al Khair Road, west of King Abdullah Financial City, in partnership with Asalah Holding. — SG
