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Al Widyan Mixed-Use Development (Overview)

Owner/Developer Saudi Real Estate Company (Al Akaria)
Estimated Value US$ 2,670,000,000
Sector Infrastructure
Sub Sector Mixed-Use Development
Country Saudi Arabia
City Riyadh
Capacity 7 million sq m Feasibility Start Date Q4-2017
Status PMC Project End Date Q4-2030
Owner/Developer Saudi Real Estate Company (Al Akaria)
Estimated Value US$ 2,670,000,000
Sector Infrastructure
Sub Sector Mixed-Use Development
City Riyadh
Country Saudi Arabia
Capacity 7 million sq m
Feasibility Start Date Q4-2017
Status PMC
Project End Date Q4-2030


Project Overview


Background

Saudi Real Estate Company (Al Akaria) has announced plans for developing a world class city called 'Al Widyan' in the capital city of Riyadh. Spread across an area of 7 million sqm along the western side of Salboukh road (King Khalid Road), the $2.67 million development would have several financial, residential, commercial, health, education and other mix-use compounds.

The project is part of the Kingdom's "Vision 2030" programme (National Transformation Plan), which has outlined and envisioned to create an affordable, secure, smart and sustainable development for the citizens of the country.

The mega project will be delivered over a phased programme of development, expected to be undertaken over a seven-year time frame with the official launch in October 2018.


Scope of Work

Scope of work involves the development and construction of:

  • Residential villas and buildings
  • Commercial outlets
  • Ancillary buildings
  • Serviced apartments
  • School
  • Hospitals and medical clinics
  • Mosques
  • Art galleries
  • Theme parks
  • Children's play areas
  • Library courtyard
  • Health and fitness clubs
  • Swimming pools
  • Botanical garden
  • Parks and landscape areas
  • Craft centre
  • Pavements and Walkways
  • Infrastructure and utilities
  • Security and related facilities


Finance

Saudi Real Estate Company (Al Akaria) is partially owned by the government through the Public Investment Fund (PIF) with a 65 per cent stake, and the Public Pension Agency (PPA) with five per cent.

Saudi Real Estate Company (Al Akaria) has also registered a company called "Al Widyan Company" (which is 100 per cent owned by it), to execute the project.


Additional Notes

'Al Widyan' is located in Riyadh’s northern growth corridor, around 15 minutes from the airport and 20 minutes from downtown Riyadh. Its prime location puts it within reach of a population of over 8 million people, a natural market and workforce for its diverse mix of leisure, retail, education, healthcare, office and residential uses.

Al Widyan is the first private real estate project to be granted the status of a Self-Regulatory Office (SRO), which de-risks the project for investors, reduces complexity in the development phase and fast tracks permit services, said the statement from Sreco.

Co-developers and sub-developers will be able to enjoy significantly shorter go-to-market timelines, making the project an attractive investment opportunity with fast and efficient procedures that will cut through bureaucracy and remove the need to engage with central government authorities.

Al Widyan is committed to responsible, environmentally and socially-conscious living and will seek a 40 per cent reduction in energy use and a 35 per cent cut in water use.


PMC

Pre Qualified

Hanmi Global
9th FL., City Air Tower Bldg., 36, Teheran-ro 87-gil, Gangnam-gu, Seoul 06164, Korea
Tel: +822 342 963 00
Web: www.hanmiparsons.com
Posco
6261, Donghaean-ro, Nam-gu, Pohang-si, Gyeongsangbuk-do, Republic of Korea
Email: webmaster@posco.co.kr
Web: www.posco.com
Saudi Real Estate Company (Al Akaria)
Riyadh 11481, Saudi Arabia
Tel: +966 114 600 000, +966 501 269 955, +966 557 116 653, +966 114 881 250
Email: info@al-akaria.com
Web: www.al-akaria.com

EPC

Pre Qualified

Saudi Real Estate Infrastructure Company (BINYAH)
Office No. 605, Al Akaria 2 Commercial Building, Olaya St., Riyadh 12244, Kingdom of Saudi Arabia
Tel: +966 114 190 728
Email: info@binyah.com.sa
Web: www.binyah.com.sa

Sub-contractor

Pre Qualified

Aecom
1999 Avenue of the Stars, Suite 2600, CA 90067
Tel: +1 213 593 8100
Email: info@aecom.com
Web: www.aecom.com

Short Listed

Aecom

Awarded

Aecom

Related Contacts


Aecom

Name: Manguirish Bhatikar
Designation: Senior Urban Designer & Project Manager
Linkedin:View
Name: Alan Stevens
Designation: Senior Director of Project Delivery
Linkedin:View

Saudi Real Estate Company (Al Akaria)

Name: Fayadh Zanabi
Designation: Project Incharge
Telephone:+966 114 600 000
Name: Fayadh Zanabi
Designation: Project Incharge
Telephone:+966 114 600 000
Name: Sami Batnigy
Designation: Real Estate Development Manager
Telephone:+966 114 881 250
Name: Sami Batnigy
Designation: Real Estate Development Manager
Telephone:+966 114 881 250
Name: Mamdouh Saud Al Sharhan
Designation: CEO
Telephone:+966 501 269 955
Name: Abdulrahman Almofadhi
Designation: Chairman
Telephone:+966 557 116 653, +966 114 600 000

Saudi Real Estate Infrastructure Company (BINYAH)

Name: Abdul Rahman
Designation: Operations Director
Telephone:+966 114 190 728


Updates

Aug 2018

Enabling, grading and infrastructure works are currently underway.

Jul 2018

Aecom and Posco has been selected as consultants to assist Hanmi Global.

May 2018

Saudi Real Estate Infrastructure Company (BINYAH) has been appointed as the main contractor for the infrastructure works package. As per the agreement, they will do the design review & technical support, evaluate the actual quantities, conduct value engineering, prepare and submit the works program on critical path and prepare the project program, cost plan and cash flow for the project.

Mar 2018

The joint venture of Hanmi Global and Al Akaria will be designing and developing the blueprint for the project. In addition to that, they will also be responsible for raising funds, as well as calculating the cost management of the project.

Dec 2017

Transportation and traffic impact studies have been completed and approved by the government.

Oct 2017

Saudi Real Estate Company (Al Akaria) is carrying out the feasibility study for developing a world class city called 'Al Widyan' in the capital city of Riyadh.


Location