$500m Saudi giga-project still on track for 2024 opening
The District redevelopment project has entered its second phase of construction
Hospitality and property management firm Al Khozama Company has announced it’s the District Al Faisaliah development project has now entered its second phase of construction.
Estimated to cost SAR2 billion ($US533 million), District is expected to open in 2024. One of the Kingdom’s many new ‘giga-projects’, the development incorporates Al Faisaliah Tower, Al Khairiah Towers, Al Faisaliah Hotel, Al Faisaliah Suites, Hotel Al Khozama and the Mode Al Faisaliah Mall in the Olaya District.
The first of the project was announced three years ago, where the Mode Al Faisaliah Mall was extended by 20 percent for a luxury retail space of 35,000 metres squared. The first phase also saw the introduction of restaurant brands such as Yauatcha, Meraki, Mamo Michelangelo, La Petite Maison and La Brasserie to the area.
Now in the second phase, the District will work to integrate all of its retail, commercial, entertainment, hospitality, wellness and residential spaces. The popular Al Faisaliah Hotel is currently being renovated as part of the project’s development. Completion of the facelift is expected next year.
Another plan for the development’s second phase is the replacement of Hotel Al Khozama. One of the Kingdom’s oldest hotels – more than forty years old – the property will be replaced with a new hotel by 2024. The new property will boast 200 keys, two restaurants, MICE facilities, a spa and gym and a pool deck.
HH Prince Bandar bin Saud bin Khalid Al Saud, chairman Al Khozama said: “The strategy followed by Al Khozama Company is aligned with the Kingdom’s 2030 Vision in creating new benchmarks and opportunities for excellence, and contributing to the country’s long-term success. The District is one such example.”
Mr. Khalid Saud Abu Haimed, chief executive officer of Al Khozama Company added: “Under the leadership and direction of our chairman, we are proud to achieve significant success in hospitality, retail centres and F&B to create an unrivalled lifestyle and unique experience for the Saudi community and its guests.”
The redevelopment includes a cinema complex with nine movie screens, landscaped outdoor green areas with water features and leisure amenities, as well as direct access to the Riyadh Metro, and a five-level underground parking facility for more than 1,000 cars.