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Fri 2 Nov 2018 10:48 AM

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Saudi developer eyes three new Riyadh projects

Dar Al Arkan has submitted a request for the accreditation of three major new projects in Riyadh mega development

Saudi developer eyes three new Riyadh projects
The company has applied for approval for the developments totaling over 1.936 million square metres in Shams Ar Riyadh.

Dar Al Arkan, the largest listed real estate developer in Saudi Arabia, has announced that it has submitted a request for the accreditation of three major new projects in Riyadh.

The company said it has applied to ETMAM, the developers services centre at the Saudi Ministry of Housing, for approval for the developments totaling over 1.936 million square metres in Shams Ar Riyadh.

The company also applied for the issuance of an off-plan sales licence for projects under construction in Shams Ar Riyadh.

The new masterplans involve three zones in the Shams Ar Riyadh development - in Zone 1 it will be built over 849,000 square metres while the Zone 3 masterplan covers 449,000 sq m and Zone 5 involves a 638,000 sq m area.

Shams Ar Riyadh incorporates residential, commercial, and mixed-use spaces, overlooking the views of Wadi Hanifa.

Yousef Bin Abdullah Al Shelash, chairman of Dar Al Arkan Development, said: “We are pleased to be part of the ETMAM initiative and have submitted three projects in Riyadh for its processing. We are confident that with the introduction of ETMAM, the overall approval for new projects will be accelerated to the benefit of all developers and stakeholders.”

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