By Rob Corder and Reuters
State-owned developer Limitless plans to build $12bn residential project Al-Wasl in Saudi Arabian city.
Government-owned Dubai property developer company Limitless said it plans to build a 44 billion dirham ($11.98 billion) residential project in Saudi Arabia.
The project, called Al-Wasl, will be developed on 1,411 hectares (3,487 acres) to the north of the capital Riyadh and will comprise offices, hotels, mosques, educational facilities and shopping malls, the firm said in a statement on Thursday.
"Riyadh's population is growing by 150,000 - or three percent - every year. Some 50,000 new houses are required annually to accommodate the capital's rapidly increasing numbers," Saeed Ahmed Saeed, Chief Executive, said.
Limitless is owned by the government's Dubai World agency which is building three islands shaped as palm-trees with hotels and villas off the coast of Dubai.
The announcement comes just days after Limitless unveiled a $61 billion project to build an 75-kilometre canal and an extensive waterfront development in Dubai.
The u-shaped Arabian Canal will flow inland from Dubai Waterfront in Jebel Ali and pass to the east of the Dubai World Central development before turning back towards the Palm Jumeirah.
The canal will be up to 150 metres wide, six metres deep and cost around $11 billion.
Along its shores Limitless, will spend S$50 billion on a sprawling 20,000-hectare waterfront development that will stretch for 33 kilometres along the inland section of the waterway.