Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) has signed an initial partnership agreement with Arabian Dream Company for the development of $5 billion (SAR 18.75 billion) mixed-use entertainment and shopping complex at Al Akaria’s Widyan site in Riyadh.

The final agreement and the designs of the project are set to be completed in the next six months, according to a bourse statement released on Thursday.

“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 statement added.

The agreement’s financial impact will be determined following the completion of all relevant studies.