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Al-akaria has signed an initial Partnership Agreement with Arabian Dream

ALAKARIA 4020 75.13% 20.84 8.94
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Announcement Detail (Date 31 Oct 2019)

Saudi Real Estate Company (Al-Akaria) announces the signing of an initial partnership agreement with Arabian Dream LLC to develop the world’s largest mixed use entertainment and shopping complex of its kind at Al Akaria’s Widyan site in Riyadh.

Arabian Dream KSA LLC is principally owned by Triple Five, owner and developer of three of the largest commercial & entertainment malls in North America.

This project, estimated to cost close to USD 5.0bn to develop & it is envisaged to complete all the final agreement & the designs during the coming six month , after procuring the necessary permits and approvals from the relevant authorities.

Al Akaria has the right of first refusal to subscribe up to 20% equity in the new legal entity which will be formed by Arabian Dream to develop this project.

The financial impact will be determined after completing all related studies & all major updates will be declared accordingly.

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