Riyadh: A new real estate project costing 7.5 billion riyals (Dh7.34 billion) will be implemented in Riyadh.

Al Shoula Holding Group and Bayt Al Mal Investment Company signed a deal with Awan Real Estate Investment and Development Company to implement Arqa real estate project, located north west of the capital city.

Addressing a press conference following the signing ceremony here on Sunday, Prince Abdul Aziz Bin Mishaal, CEO of Al Shoula Holding, said that the new project will have 3,350 commercial shops and 1,380 housing units.

"Spreading over an area of 2.34 million sq. metres, the project will also have 97 palaces. Residents of these housing units will be provided with recreational facilities," he said.