Masterplan is sorted for Ajmakan

Saudi Arabia-based Al Shoula Holding Group, a joint venture between the UAE's Tameer Holding and the Land Company, has signed a deal with Japan's Nikken Sekkei to design the master plan for its US $1.6 billion (SR 6billion) real estate project in Saudi Arabia.

Called Ajmakan, the city will be in the Al-Khozama District in Riyadh and will cover 1.7 million m².

It will be made up of commercial buildings, villas, palaces and a five-star hotel.

"I am so glad to see Ajmakan moving towards completion, especially since this megaproject is the fruit of a special alliance between Al Shoula, The Land and Tameer," said Omar Ayesh, president of Tameer Holding.

"It represents the cooperation between UAE and Saudi Arabian firms, where large and leading projects are creating a huge benefit for both countries."

Al Shoula Holding Group also plans other projects in Saudi Arabia, as well as nearby markets.

"Ajmakan will be the gate for more megaprojects, adding value to the Kingdom's property market," added Ayesh.

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