New Riyadh projects to provide 8,000 jobs
At its first meeting this year, which was presided over by Riyadh Gov. Prince Faisal bin Bandar, the commission gave the green light to a number of projects that are expected to transform Riyadh into a smart city after conducting in-depth studies on the matter.
HCRD representatives said that the multibillion riyal projects include commercial, recreational and and housing investments, in addition to a number of hotels and health facilities.
In his statement to the media, Prince Faisal said that such a major investment underlines the confidence of investors in the country and its leadership, and added that quality control will be ensured at all stages of construction. He also assured investors that there will be transparency at each stage of the operation during the construction phase, enabling the commission to monitor work as it progresses.
Explaining the nature of the projects, Ibrahim Al-Sultan, the mayor of Riyadh, said that the major investors involved in the projects include the UAE’s Majid Al-Futtaim Group with 866,000 square meters in Al-Narjis district at an estimated cost of SR10.5 billion. Additionally, the Alshaya Kuwaiti project entitled “Riyadh Avenue” covers 388,000 square meters in the Almalqa district, at an estimated cost of SR6.5 billion.
Al-Sultan, who is also the director of planning and projects at the HCRD, said that Tuesday’s meeting also discussed the implementation of the wider Smart City concept for Riyadh, which aims to engage useful information and communication technologies across all vital sectors of the city.
“The goal of the ‘Smart City’ project is to provide the best services to all citizens, and to improve their quality of life, while also reducing the side effects of negative actions on the urban environment,” he added.