By Safura Rahimi
Land Company and Temeer sign deal with Al Shoulah for 17m sq ft project to be completed by 2010.
A 'mini-city' is set to be constructed in Riyadh after a $1.6 billion deal was signed yesterday by the Al Shoulah Group and a consortium comprising the Land Company and the Taameer Company, Arab News reported today.
The project, dubbed Ajmakan, will cover an area of 17 million square feet and will be located in the Al Khozama area to the west of the King Saud University.
Prince Mishal ibn Abdul Aziz, chairman of Al-Shoulah Group, signed the major construction deal with Ahmed Al-Rajhi, vice president of Al-Rajhi Investment Group and chairman of the consortium comprising Land Company and Taameer Company.
It deal is set to be completed in three years.
According to Al-Bisiri, the complex will boast five palaces, a five-star hotel, modern boutiques and villas.
"Instead of the regular shopping malls, we are planning to build rows of boutiques for the convenience of shoppers who will enjoy different styles of shops in the complex," he was quoted as saying in the newspaper.
"[It] is going to be a useful project that would attract a large number of people who like to live in a comfortable environment," said Prince Mishal ibn Abdul Aziz.