Dubai: An SR7 billion office and tourism focused project – ‘Konoz’ – has launched in Riyadh, with the Abdullah Al-Othaim Investment Company as developer. The project mix includes 50,000 square meters of office space and a 20,000 square meter ‘entertainment city’.
There will be a 250-room hotel, 120 serviced apartments and a 135,000 square meter residential complex with 700 apartments. Konoz means ‘box of treasures’ and gemstones will get a ‘visual and architectural representation’ in the various zones.
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The focus on a massive addition of offices is noteworthy. Recent project launches in the Kingdom had primarily focused on residential and hotel/entertainment possibilities. But it is reckoned that Riyadh will require a substantial pipeline of office-focussed developments in the medium-term.
The project adds to the high-priority development Riyadh and Tier A cities in Saudi Arabia are witness to, making the Kingdom the ‘biggest construction site in the world’. Of course, that also spans the ongoing giga-tourism projects such as NEOM, the Red Sea development, etc.
The Group CEO of the Abdullah Al-Othaim Investment Company, Meshaal Bin Omairh, said the launch fits in with the company’s vision to develop ‘innovative’ projects in a strategic locations in Riyadh. And thus raise the ‘quality of life in the city and create jobs. (The project is designed by Benoy Company.)
Konoz also ties in with the ‘Riyadh Strategy’, which aims to transform the city into a hub for investment, innovation, and tourism.
