Saudi firms unveil projects worth total of $27bn

PROJECT UNVEILED: A previous development built by Dar al-Arkan in Saudi Arabia.

Dar al-Arkan, the largest Saudi developer by market value, said on Saturday it plans to develop a real estate project in Jeddah with investments estimated at 50 billion riyals ($13.33 billion).

The 15 million sq metre project will include residential units, luxury hotels and shopping malls and will be completed over five years, the company said in a statement on the bourse website.

Meanwhile, Saudi Kingdom Holding plans to spend 55 billion riyals on ($14.67 billion) a property project that will include a mile-long tower, which will be the world's tallest, a local newspaper reported on Saturday.

The mixed-use project will cover a 494-acre area in Jeddah, which is located on the Red Sea coast, al-Madina newspaper reported without citing a source. The firm is controlled by Saudi billionaire Prince Alwaleed.

The so-called Mile Tower will be designed by Picard Chilton, and Booz Allen Hamilton was appointed as general adviser for the project, it added.

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