Business | Property
Limitless unveils plans for $12b Saudi project
Limitless, a real estate development arm of Dubai World, said on Wednesday its 45 billion riyal ($12 billion) Al Wasl project in Saudi Arabia will have 50 mosques and eight shopping complexes.
- Al Wasl is the first of several projects in the pipeline for Limitless in Saudi Arabia.
- Image Credit: Supplied Picture
Dubai: Limitless, a real estate development arm of Dubai World, said on Wednesday its 45 billion riyal ($12 billion) Al Wasl project in Saudi Arabia will have 50 mosques and eight shopping complexes.
The 1,411-hectare project, which was announced last October, will create 55,000 homes for 200,000 people.
There will be offices, several hotels, one university, health and educational facilities, and 300 hectares of green, open space.
"In delivering Al Wasl, Limitless will apply its key strengths of creating distinctive, large-scale, balanced projects.
"Al Wasl will bring together a tailor-made development that preserves traditional Saudi culture and a sustainable, modern community that will create some 50,000 jobs," Saeed Ahmad Saeed, chief executive officer of Limitless, said in a statement.
Al Wasl is the first of several projects in the pipeline for Limitless in Saudi Arabia, where 50,000 new homes are needed each year.
The project, one of the largest in the company's portfolio, is being developed near Riyadh.
Work on the development is expected to begin in the middle of this year, with the construction schedule spread over seven years.
Share this article
Gulf News classifieds
Popular in Business
Business Editor's choice
-
What to expect at the Dubai Airshow
We preview what types of aircraft to expect at the Dubai Airshow
-
Air Arabia revamps its website
Upgraded site offers new features, accessible in range of languages
-
Dubai looks ahead to 2010 with new projects
Global visitor numbers up 4% on year and occupancy rates remain strong

-
UAE
Abu Dhabi's infrastructure spending
New road networks to reignite construction sector.


