Plans unveiled for $160m Burj Ramala project in Riyadh

A unit of Naif Al-Rajhi Investment has announced plans to launch a SR600 ($160 million) million real estate project in the Saudi capital city of Riyadh.

Ramla Real Estate Development Company, owned by Naif Al Rajhi Investment, said in a statement that the Burj Ramla tower project was scheduled for completion in the third quarter of 2018.

Burj Ramla will be more than 150 metres tall and will be built on King Fahad Road, north of Riyadh's financial district. No further details were revealed.

Naif Al-Rajhi, managing director of Ramla, said: "Our goal is to work with strategic partners, investors, developers, financiers and international companies to develop our investment projects portfolio that integrate with the goals of the visionary leadership of the kingdom to enhance our global competitiveness, and thus strengthen our position globally."

Jacques Al Boustani, CEO of Ramla addeed: "The announcement of Burj Ramla during this time comes to confirm our confidence in the Saudi economy, the strongest markets in the region and the most stable in general."

He said the Burj Ramla "will be the new address of excellence and will have clear impact on Riyadh's architecture by its innovative design and unprecedented services".