Management of Ultra-Luxury Assets at konoz project riyadh
Jul 20, 2023
Abdullah Al Othaim Investment Company has announced the signing of a Memorandum of Understanding with Oud Real Estate to manage the ultra-luxury assets of the Konoz Project, one of Al Othaim’s flagship integrated developments in the Saudi capital, Riyadh, with construction costs exceeding SAR 7 billion.
The MoU was signed by Mr. Mishal bin Omairah, CEO of Al Othaim Investment, and Eng. Mohammed bin Khalid Al-Duraibi, Managing Director of Oud Real Estate, in the presence of Mr. Abdullah bin Saleh Al Othaim, Chairman of Al Othaim Investment, and Dr. Hamoud Abdullah Al-Hudieb, Chairman of Oud Real Estate.
Commenting on the signing, Mr. bin Omairah stated:
“This agreement with Oud Real Estate reflects our commitment to fostering strategic partnerships with leading national companies to support our landmark development projects. It aligns with our strategy and long-term vision to expand our integrated project portfolio across the Kingdom, contributing to the Quality of Life Program and in harmony with Saudi Vision 2030. This transformative vision requires pioneering mega-projects that embody innovation and excellence.”
He further emphasized that partnering with Oud Real Estate stems from the company’s specialization and distinguished expertise in real estate development and asset management, with a proven ability to create elegant, ultra-luxury destinations and transform pioneering projects into world-class lifestyle hubs.
From his side, Eng. Mohammed Al-Duraibi, Managing Director of Oud Real Estate, commented:
“This MoU is an extension of our strategy to expand our footprint in the ultra-luxury real estate sector by developing and managing iconic projects that deliver a modern, world-class experience. This agreement reflects our commitment to contributing to Riyadh’s growth as a global hub for international companies and one of the world’s most competitive urban economies. The Knooz Project represents a unique real estate destination that embodies this vision.”
The Konoz Project stands as a landmark development in the Middle East, covering an area of 114,000 square meters in a prime location between King Fahd Road and Olaya in northern Riyadh, with direct access to the metro line.
The project will feature a state-of-the-art shopping mall, a world-class hotel, luxury serviced apartments, and upscale residences. It will also include 10,000 square meters of green spaces and parking facilities accommodating over 6,000 vehicles, in addition to 90,000 square meters of modern office space. A world-class indoor entertainment city will also be developed on an area of 20,000 square meters, built to the highest international standards in support of Riyadh’s growing tourism and leisure sector.
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